SEMIRARA Mining and Power Corp. (SMPC) has appealed the suspension slapped by the Department of Energy (DoE) for violating its rules on coal trading.
“We would like to notify the exchange that SMPC filed its motion for reconsideration with the DoE yesterday, November 20,” the Consunji-led company said in a disclosure on Thursday.
“We would also like to stress that the DoE resolution dated October 15, 2019 is not yet final and executory. Our pending motion temporarily defers the implementation of the coal trading suspension, which would allow SMPC to continue serving its coal customers,” it added.
The Energy department suspended its coal operations for one month transacting with Gold Anchorage, in which the latter is an unaccredited coal trader.
It was also fined P1.735 million for unabated and continuous coal trading despite the suspension of its accreditation.
The DoE found that Semirara Mining violated Sections 7.2 and 3 of Department Circular DC2012-05-0006, also called “Guidelines on the Accreditation of Coal Traders and Registration of Coal End-Users.”
The company was also ordered by the DoE to suspend the mining activities on Semirara Island, Antique after a mudslide on October 2 killed one person after being reported missing.
Semirara Mining said it is currently “completing the requirements to comply with the conditions” and that it intends “to reply to the DoE by Friday, November 22 to address their requirements.”
“Estimated timetable of resumption of normal operations. Upon receipt of our submitted documents, the DoE shall evaluate our submissions for approval. We estimate that this will take around 15 days. However, this timetable could change depending on the review process of the DoE,” it added.
JORDEENE B. LAGARE