Thursday, March 25, 2010

San Miguel in talks for coal mines

MANILA, Philippines - Philippine food-to-power conglomerate San Miguel Corp. said on Thursday it is looking at acquiring more coal mines to support its expansion into coal power projects.

San Miguel, through unit SM Energy Corp., plans to build coal-fired plants with a capacity of 150 to 300 megawatts in the southern Philippines.

"SM Energy has received offers for sale of coal mines located in Mindanao and initial talks between SM Energy and the proponents of such coal mines have been held," San Miguel said in a statement to the stock exchange.

Earlier this month, SM Energy bought a coal mine on Mindanao island.

The planned power project would cost up to $300 million and is expected to be on stream by 2010.

No comments: