Monday, December 11, 2006 Mining firms to put up power plants in Lake Sebu
IN A press conference late last week, MG mining senior consultant Rufino Bomasang announced they are planning to put up a coal-fired power plant in the area to address a projected electricity shortfall in Mindanao in 2010 onwards.
"The [construction of the power] plant depends on the supply and demand. But the island needs an additional 200 mega watts (MW) in 2010 and after due to a [foreseen] growth of industries," he said.
While he declined to give cost details of the planned power plant, Bomasang said that building a power plant entails more or less $1 million for every MW.
"A 300 MW power plant, for example, would be built at a tune of $300 million," he added.
MG Mining and Energy Corp. is the second mining firm to express its intention of putting up a power plant in South Cotabato.
Early this year, Sagittarius Mines Inc. officials also revealed that they may have to build their own power plant for the company's energy and power needs when it starts mining operation by 2010.
The two mining firm holds licenses to explore coal and copper deposits in Lake Sebu and Tampakan respectively.
MG Mining and Energy Corp. is conducting exploration activities in Lake Sebu covering 7,000 hectares of land.
SMI, on the other hand is now on the second phase of its feasibility studies after confirming the presence of high-grade copper and gold deposits in the towns of Tamapakan in South Cotabato, Kiblawan in Davao de Sur and Columbio in Sultan Kudarat.
SMI is owned by Indophil Resources Inc., which in turn is a subsidiary of XStrata, a giant British mining company. (With reports from BSS)
