MANILA, Philippines - Consunji-led Semirara Mining Corp. will receive incentives from the Board of Investments, after its Bobog mine was registered as a new coal producer.
In a disclosure to the stock exchange, Semirara said the company has been registered as a "new producer of coal" under the Omnibus Investments Code of 1987.
As a result, Semirara will enjoy income tax holiday, including all fiscal and non-fiscal incentives for the project.
Located in Antique, Bobog mine has been found to have "sizeable resources with coal quality that is marketable locally."
Semirara cited a technical report dated September 10, showing the resource estimate at Bobog mine is at 27.5 million metric tons of measured coal and 9 million metric tons of indicated coal.
Semirara is the country's the largest producer of sub-bituminous coal. The company started exploring for coal in the Bobog area in 2008.