Semi­rara pays govt P1.7B in roy­al­ties


LISTED Semi­rara Min­ing and Power Corp. ( SMPC) re­mit­ted P1.69 bil­lion in roy­alty pay­ments to the gov­ern­ment in the first six months of the year, nearly triple the P575 mil­lion that the com­pany re­mit­ted to the Depart­ment of En­ergy ( DOE) in the same pe­riod last year.

The in­te­grated en­ergy firm told the Philip­pine Stock Ex­change ( PSE) that its grow­ing pro­duc­tion and ex­pand­ing op­er­a­tions spurred the surge in its roy­alty pay­ments to the gov­ern­ment this year.

Semi­rara Min­ing said about P676 mil­lion of the remit­tance would go to the lo­cal gov­ern­ment units ( LGU) where it op­er­ates. The prov­ince of An­tique would re­ceive P135 mil­lion while the mu­nic­i­pal­ity of Caluya and Ba r a n g ay Semi­rara wo ul d get P304 mil­lion and P237 mil­lion, re­spec­tively.

SMPC said the na­tional gov­ern­ment would re­tain the re­main­der of the pay­ment amount­ing to more than P1 bil­lion.

“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 and Chief Op­er­at­ing Of­fi­cer Vic­tor Con­sunji said.

Repub­lic Act No. 7160 or the Lo­cal Gov­ern­ment Code of 1991 stip­u­lates that LGUs are en­ti­tled to a 40 per­cent share of roy­alty pro­ceeds from petroleum, coal, geo­ther­mal, hy­dro­ther­mal, and wind re­sources.

Last month, Semi­rara Min­ing signed a Me­moran­dum of Un­der­stand­ing ( MOU) with the DoE to de­velop a 50- megawatt ( MW) mine- mouth power plant in An­tique that would pro­vide elec­tric­ity to Min­doro.

SMPC was ac­quired by Con­sunji- led con­glom­er­ate DMCI Hold­ings Inc. in 1997 and is the sole power pro­ducer in the coun­try that owns and mines its own fuel source.

Shares of Semi­rara Min­ing ended Fri­day down 1.67 per­cent at P44.30.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.