DMCI to build $60-M furnace in Zambales

By Zinnia B. Dela Peña - philstar.com

DMCI Mining Corp. is planning to build a $60-million furnace plant in Zambales in partnership with a Chinese firm.

DMCI president and chief executive officer Isidro Consunji said the company hopes to start the construction of the plant this year.

DMCI Mining is the mining contractor of a mining claim in Sta. Cruz, Zambales under the name of CRAU Mineral Resources Corp.

Aside from this, Consunji reported that Semirara Mining Corp. may have discovered a major coal mine within its site in Semirara Island, Caluya, Antique.

Semirara’s mining site covers an area of 3,832 hectares.

Consunji said while the find was “very encouraging”, greater analysis and drilling are still needed to confirm the presence of coal and the quality of coal.

Semirara has budgeted P500 million for additional future investments in power generation and in nickel/base metal mining. Of the total, P125 million will go to DMCI Power, which has two major power generation projects: the 100-megawatt coal-fired power generation plant in Iloilo and the 15-megawatt coal-fired power plant in Masbate.

These two power projects are under DMCI Concepcion Power Corp. and DMCI Masbate Power Corp., respectively.

Semirara posted a net profit of P633.28 million last year, up five percent from the previous year’s P601.24 million. Earnings per share amounted to P2.28 or an increase of six percent from the year-earlier level of P2.161.

Revenues rose 39 percent to a record high of P6.38 billion due to robust demand for coal.