Semirara Mining Corp. forms new power firm

Publicly listed coal miner Semirara Mining Corporation has formed Semirara Energy Utilities Inc.to provide an alternative electric service to remote and less accessible areas, the company said Wednesday. In a disclosure to the Philippine Stock Exchange, Semirara said that the new power firm will provide alternative electricity service to Barangays Semirara, Tinogboc and Alegria in Caluya, Antique, all of which are within the franchise area of the Antique Electric Cooperative, Inc. (Anteco). However, Anteco announced in 2011 that it could not operate in the areas. However, the Electric Power Industry Reform Act of 2001 authorizes qualified third parties (QTPs) to operate as alternative electric service providers to serve "remote and unviable areas." On Feb. 13, a landslide at the company's mine in Barangay Semirara resulted in the death of at least five miners. Three miners have been rescued, but five remain missing. Operations at the mine have been suspended, while search and rescue operations continue at the accident site. Semirara Mining is a subsidiary of the Consunji Group. — BM, GMA News