Semirara Mining and Power Corporation (SMPC) is moving closer to developing a new strategic asset, with the Acacia mine expected to begin production in 2026, signaling a key step in the company’s long-term sustainability and diversification strategy.
In a report delivered at its annual stockholders’ meeting on May 5, SMPC confirmed that exploration and pre-stripping activities are ongoing at the Acacia site. “We expect to receive the ECC for the Acacia mine from the DNR within the second half of 2025,” said President Maria Cristina Gotianun. “Production [is] targeted to begin within 2026.”
The development of the Acacia mine is aimed at sustaining coal operations as SMPC seeks to reduce reliance on a single mining area and strengthen long-term supply commitments. It also forms part of the company’s broader strategy to manage market volatility and support national energy security.
The focus on Acacia comes as SMPC posted record operational results in 2024. Coal shipments rose to 16.5 million metric tons (MT), surpassing the previous high of 15.8 million MT, with exports and domestic sales both registering year-on-year gains. For the third consecutive year, the company hit its ECC-capped production limit of 16 million MT.
The power segment also recorded strong performance, achieving over 5,300 gigawatt-hours (GWh) in gross generation—up 10 percent from 2023 and the highest in seven years. This was driven in part by the successful rewinding of its Unit 2 generator, which restored 300 megawatts (MW) of capacity and lifted total average output by 14 percent.
SMPC is also investing in renewable energy to support its mining operations. Starting in the second quarter of 2025, a 12-MW wind farm on Semirara Island will supply power to its facilities. The initiative is expected to “reduce carbon emissions, decrease diesel dependency, and lower overall power generation costs,” according to Gotianun.
To secure stable revenues in a fluctuating market, the company is targeting contracts for half of its 756-MW net sellable capacity. As of the first quarter, SMPC had contracted 334 MW, representing 42 percent of its capacity.
Despite facing lower selling prices in 2024, the company maintained solid financial results. Revenue dropped 15 percent to ₱65 billion, while net income fell 30 percent to ₱19.6 billion. However, Chairman Isidro Consunji emphasized that earnings remain 21 percent higher than pre-crisis 2021 levels. SMPC also distributed over ₱25.5 billion in dividends last year—equivalent to a 91 percent payout ratio.
The company’s community investments also remain active. Initiatives included a TESDA-accredited training center with 152 new graduates, a model farm producing 30,000 kilos of crops, and a solar-powered water system that now serves over 300 households in Brgy. Alegria.
“As we reflect on the progress we’ve made and the challenges we’ve overcome, I would like to extend my sincere gratitude to those who played a key role in our success,” Consunji said. “Together, we will continue to navigate an ever-changing landscape, seize new opportunities, and contribute meaningfully to the country’s energy security and long-term sustainability.”
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