Wednesday, 24 Aug 2011
With fresh capital outlay for its coal mining activities, state run affiliate Philippine National Oil Company Exploration Corporation is scheduling to ramp up its coal production by 150,000 tonnes via its Lumbog coal mine in Mindanao.
The company in a press statement said that “Development of the coal mine will be from 2011 until 2012, with regular production expected to commence by 2013.”
For the Lumbog venture and other new areas along its Malangas Project Operations in Zamboanga Sibugay, the company’s board of directors gave go-signal for fresh capital allotment of PHP 1.35 billion. For its overall coal mining activities though, the firm indicated that it was able to corner a budget of more than PHP 2 billion.
The Lumbog coal mine is considered as one of PNOC-EC’s premium undertaking given the scale of estimated mineable reserves of 1.39 million tonnes. The venture is under coal operating contract 41 and covers a development area of 170 hectares.
From the initial production it has been expecting from the Lumbog mine, PNOC EC emphasized that the prospective coal yield from its entire MPO area could go up to 800,000 tonnes starting year 2015.
The expected volume of coal production, the company said that will augment the supply of indigenous coal sources in the country.
The capacity ramping up will trail the 1.19 million tonne direct coal sales, including volumes from trading activities, which the state run firm has logged in 2010. With technology shifts being employed by most coal power fleets in the country, even the lower grade coal production in the country would already have a market in the electricity generation segment.
(sourced MB.com.ph)
With fresh capital outlay for its coal mining activities, state run affiliate Philippine National Oil Company Exploration Corporation is scheduling to ramp up its coal production by 150,000 tonnes via its Lumbog coal mine in Mindanao.
The company in a press statement said that “Development of the coal mine will be from 2011 until 2012, with regular production expected to commence by 2013.”
For the Lumbog venture and other new areas along its Malangas Project Operations in Zamboanga Sibugay, the company’s board of directors gave go-signal for fresh capital allotment of PHP 1.35 billion. For its overall coal mining activities though, the firm indicated that it was able to corner a budget of more than PHP 2 billion.
The Lumbog coal mine is considered as one of PNOC-EC’s premium undertaking given the scale of estimated mineable reserves of 1.39 million tonnes. The venture is under coal operating contract 41 and covers a development area of 170 hectares.
From the initial production it has been expecting from the Lumbog mine, PNOC EC emphasized that the prospective coal yield from its entire MPO area could go up to 800,000 tonnes starting year 2015.
The expected volume of coal production, the company said that will augment the supply of indigenous coal sources in the country.
The capacity ramping up will trail the 1.19 million tonne direct coal sales, including volumes from trading activities, which the state run firm has logged in 2010. With technology shifts being employed by most coal power fleets in the country, even the lower grade coal production in the country would already have a market in the electricity generation segment.
(sourced MB.com.ph)
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