CONSUNJI-led Semirara Mining and Power Corporation (SMPC) is targeting 4.5 million to 4.8 million metric tons (MT) of coal shipment this year.
“For 2023, we are targeting to export around 30 percent of our full-year sales target of 15 to 16 million MT,” said SMPC President Maria Cristina Gotianun in a disclosure to the stock exchange on Thursday.
SMPC is scheduled this month to make its second trial shipment to Japan in a move to reduce its dependency on the Chinese market. The company will export 50,000 MT of Semirara coal to Shikoku Electric Power Corporation for its 700-megawatt coal fired ultra-supercritical power station.
“China is still our main foreign buyer but with their industrial output growing slower than expected, we want to develop other Asian markets like Japan,” said Gotianun.
From January to March, Semirara coal shipments to China plunged by 50 percent from 2.2 million MT to 1.1 million MT, accounting for 72 percent of exports.
South Korea was a steady market at 300,000 MT, representing one-fifth of export sales. The rest of the exports went to Japan, 5 percent, and Brunei, 3 percent.
SMPC first made a trial shipment to Japan in January 2023, selling 78,410 MT of mid-grade coal to J-Power, a utility company that operates coal, hydroelectric, wind and geothermal power stations.
In the first quarter, standalone coal revenues sank by 40 percent from P25.7 billion to P15.5 billion mainly due to high base effect of record production, shipments and selling prices.
Standalone reported net income slumped by 51 percent from P14.2 billion to P7 billion on topline weakness and slower decline in cash costs.