Semirara Mining and Power Corporation (SMPC) is looking to further diversify its coal export destinations as a cushion from the volatility in the international market.
According to a report by Argus Media, among the countries where the Consunji-led firm looks to expand into is South Korea, wherein it shipped over 300,000 tons of coal in the first quarter, amounting to ten percent of its sales during the period.
For the entire 2021, SMPC only shipped out 282,000 tons or three percent of its sales to the said country.
Increasing sales to South Korea is part of the coal mining firm’s strategy to mitigate the risk impact in the export market. While SMPC’s exports to China accounted for 95% of its total exports in 2021, this decreased to 75% in 2022, based on the report. This was due to higher domestic output in China as part of its efforts in securing energy security amid the Russia-Ukraine conflict, as well as cutting down on carbon emissions by shifting to green energy.
SMPC said that its expansion to export coal to other countries will help offset the lower sales from China, adding that this move won’t affect domestic deliveries as much of the company’s produced coal is meant for export, accounting for 60% of the total sales.
Bulk of SMPC’s domestic coal goes to its power units, Sem-Calaca Power Corporation and Southwest Luzon Power Generation Company.
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