Local firm to export coal to Switzerland

MANILA, Philippines - Sultan Mining and Energy Development Corp (SMEDC), a local coal producer, will soon export the solid fuel to Switzerland after it secured a supply contract with Glencore International AG, one the world’s largest commodity suppliers. Documents from the Department of Energy (DOE) showed that a sale contract has recently been signed between Glencore and Sultan’s subsidiary MG Mining and Energy Corp. The local company recently increased production at its facility in Bislig, Surigao del Sur, sustaining a 20,000 metric ton output of its coal, which is considered to have the most broadest commercial uses. Based on contract details, Glencore will buy from 90,000 tons of Bislig steam coal to be shipped between August to December this year. Rufino Bomasang, SMEDC vice-chairman said that the company hopes to pursue talks with potential customers in China and India this year to take advantage of higher prices. Besides supplying coal to power plants and cement factories, the company has also secured supply contracts with canneries which have chosen to use cheaper fuel instead of bunker, which is sourced from crude. - GMANews.TV