Semirara Mining ramps up capital spending to P13B
Consunji-led Semirara Mining and Power Corp. has set a capital expenditure program of P13 billion this year, mainly to boost capacity and extend the operating life of its power assets.
This year?s budget is 62 percent higher than the year ago.
More than half of the amount or P7 billion will go to the company?s subsidiaries, Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp.
Around $ 90 million will be spent on the life extension program of the 2×300 MW conventional power plants of SCPC. The remaining amount of P2.3 billion will be used to fund the regular maintenance capex for both companies.
Funding for the power segment investments will come from internally generated funds and medium to long-term loans.
SMPC is also investing P6 billion to acquire dump trucks, excavators and other support equipment for its advance stripping operations. The amount will be fully covered by internally generated cash.