Tuesday 13 November
Powered by Ajaxy
Oct 13, 2017 @ 14:22

Consunji coal firm remits P1.69B in royalties to government


Semirara Mining and Power Corp. has tripled its first half royalty payments to the government owing to higher coal production.

The company remitted P1.69 billion to the Department of Energy (DOE) in the first half the year, compared from P575 million in the same period last year.

It attributed the surge in government remittances to increased production and expanded operations in its mine sites in Semirara Island.

Semirara expects annual coal production to increase to 16 million metric tons In the next two to three years.

“Our continued partnership with the DOE allows us to create and deliver shared value to the government and our host communities. With the increased royalty payments, they can undertake more programs and projects for our countrymen,” said SMPC president and COO Victor A. Consunji.

Of the total remittance, over P1 billion will be retained by the National Government.

About P676 million will go to the local government units where Semirara operates.

Please follow and like us:

Tags: , , , , , , , ,

Related Stories
Semirara Mining and Power Corp. has turned over P2.65 billion in royalty payments to the
Top officials of Semirara Mining and Power Corp. have raised their stockholdings in the company.
Leading online stock brokerage COL Financial, owned by bilyonaryo Edward Lee, expects the local stock
Their happy days as a local coal producer will soon be over.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.