MANILA —Semirara Mining and Power Corp. sold a record 15.8 million metric tons (MMT) of coal in 2023, largely driven by growth in export sales.
The Consunji-led integrated energy firm said in a statement on Friday that this was a 6-percent increase from the volume of coal they sold in 2022. Export sales volume jumped by 13 percent to 8.1 MMT, while domestic sales were stable at 7.7 MMT.
“Our sales performance aligns with our 2023 target of 15 MMT to 16 MMT,” said Maria Cristina Gotianun, Semirara president and chief operating officer.
“It also reflects our team’s relentless effort and commitment to deliver stable fuel supply amid the challenging dynamics of the global market,” Gotianun said.
China remained Semirara’s largest export market with 5.2 MMT in sales, followed by South Korea with 2.2 MMT and Brunei with 306,800 MT.
Gotianun said the company intends to ship out at least 15 MMT of Semirara coal this year, with a focus on its local market to boost the country’s energy security.
In 2023, Semirara announced plans to become a key coal exporter to Japan, to diversify its overseas business and unlock better pricing. Exports to Japan accounted for less than 4 percent of the total international shipments in 2023.
READ: Semirara taps Japan coal market as alternative to China
The company’s record sales volume came despite the 14-percent drop in coal production in January to September of 2023, due to stripping activities at its Molave and Narra mines on Semirara Island.
This dip in nine-month coal output resulted in a 37-percent drop in Semirara’s net income during the period, which was pegged at P22.6 billion.
In their Coal 2023 report released last December, the International Energy Agency (IEA) said global demand is projected to gradually decline starting 2024 from 8.5 billion tons in 2023, especially as renewable energy capacity is expected to expand across the globe.
READ: Cheaper coal ‘stabilized’ 2023 power costs – ERC
The IEA said that while coal demand reached an all-time high in 2023 at 8.5 billion tons, consumption was expected to drop by 2.3 percent in 2026 compared to last year’s peak.