Semirara Mining and Power Corp., the largest coal producer in the Philippines, said it will export 50,000 tonnes of coal to Japan's Shikoku Electric Power Co Inc., part of the move to diversify export markets and reduce dependence on China, Reuters reported.
This marks Semirara's second shipment of coal to Japan after selling 78,400 tonnes of medium-quality coal to Japan Electric Power Development Corporation (J-POWER) in January.
China is still Philippines's main overseas buyer, but because its industrial production growth rate became lower than expected, the country hopes to develop other Asian markets such as Japan, according to the President Semirara.
Semirara's coal exports to China fell 50% year-on-year to 1.1 million tonnes in the first quarter of this year, though they still accounted for 72% of the company's total exports over the same period.
The company, which accounts for 99% of Philippine coal production, expanded its export markets last year to include buyers in Vietnam, Cambodia, Thailand and South Korea. It described South Korea as a "stable market", with 300,000 tonnes of exports in the first quarter, accounting for one-fifth of its total sales volume, according to Reuters.
Semirara's annual sales target is 15-16 million tonnes, compared with 14.8 million tonnes last year. Most of the coal it produces is used in domestic power plants.
(Writing by Emma Yang Editing by Harry Huo)
For any questions, please contact us by firstname.lastname@example.org or +86-351-7219322.