Semirara Mining Corp.(SCC) made a sudden spike today which I believe due to the positive news of the re-opening of the coal mine in Panian, Antique.
Originally a mining company, SCC’s venture in power generation led analyst to change fair valuation of this company which drove the share price from 50/share level to the 200/share level.
Below is an excerpt of the good news:
Published on Wednesday, 20 March 2013 18:34
Written by ABS-CBNnews.com
SEMIRARA Mining Corp. expects to resume operations at its Panian coal mine in Antique by next month, one of its top officials said on Wednesday.
“We’ve been given the go-signal to restrip the mine and we expect [to resume operations]…somewhere between the end of the month or early April,” Isidro A. Consunji, vice chairman and chief executive officer at Semirara, told Mornings@ANC.
A landslide incident at the western portion of the Panian coal mine in February left five workers dead and another five missing. Operations have been halted since then.
The Energy department earlier this month has already given Semirara permission to commence preparatory activities at the northern portion of the mine. However, the local agency said it will first review safety measures being implemented before allowing Semirara to resume coal-mining activities.
“It’s pretty unfortunate but the accident was caused by a slippage because of a very saturate high wall. But we’re adopting some mitigating measures to make sure it doesn’t happen again,” Consunji stressed.
“We’re working together with the Department of Energy to approve our safety measures,” he added.
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