Consunji-led Semirara Mining and Power Corp. (SMPC) is targeting full-scale production at its Acacia coal mine by 2026, as the company moves forward with its P291-billion expansion project in Antique.

The integrated energy firm said groundwork is already in progress at the site while awaiting the amended Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR).

“We expect to receive the ECC for the Acacia Mine from the DENR within the second half of 2025.

Exploration and pre-stripping activities are currently underway, with production targeted to begin within 2026,” said SMPC President, COO, and Chief Sustainability Officer Maria Cristina C. Gotianun during the company’s virtual annual stockholders’ meeting on Monday.

SMPC secured Department of Energy approval for the project in December 2024.

The expansion will extend operations at the existing Molave and Narra pits, with Acacia set to follow once coal deposits in the earlier pits are depleted.

The Molave pit reached end-of-mine life in November 2023, while the Narra pit is expected to close by 2026.

During the first quarter, SMPC reported a net income of P4.4 billion, down 33 percent from P6.54 billion a year ago, as weaker coal prices offset gains from its power segment. Total revenues fell 10 percent to P16.51 billion from P18.43 billion, dragged by lower coal prices and shipments.

Cash costs dipped 2 percent to P9.82 billion from P10.04 billion, as higher production and operating expenses narrowed margins despite a lower government share.

Coal production rose 16 percent to 5.7 million metric tons (MMT) from 4.9 MMT, supported by improved access to seams at the Narra mine after last year’s pre-stripping activities.

Shipments declined 2 percent to 4.7 MMT due to lower domestic demand, while foreign shipments held steady at 2.7 MMT, with exports to China, Brunei, and Vietnam.

The average coal selling price dropped 17 percent to P2,481 per metric ton from P2,978, reflecting stabilizing global prices and a larger share of low-grade shipments.