5TH RICHEST. David M. Consunji's net worth of $2.7 billion in 2012, ranked him the 5th richest man in the Philippines, according to Forbes. Photo taken from DMC's 2011 annual report.
MANILA, Philippines - Incessant rains caused a landslide at the Panian mine site of Semirara Mining Corp. on Thursday, February 14, killing 5 and leaving 5 others missing.
The incident marked the third mining-related accident in the Philippines in the past 6 months.
Here are quick facts about the company and its owner:
- Semirara is owned by the 5th richest man in the Philippines, David Consunji. Based on the Forbes list of the 40 Richest Filipinos, Consunji's net worth reached $2.7 billion in 2012. Forbes said Consunji's net worth was borne from construction-related pursuits. Consunji and his 8 children operate DMCI Holdings Inc., the holding firm for all the business interests of the family.
COMPANY PROFILE. DMCI Holdings Inc. is a holding firm for Consunji's various business interests. Diagram taken from the DMCI website.
- Aside from Semirara, the family's core subsidiaries under DMCI Holdings include:
- D.M. Consunji Inc. (construction)
- DMCI Project Developers Inc. (real estate)
- DMCI-MPIC Water Co. Inc. (water utility venture with Metro Pacific Investments)
- DMCI Mining Corp. (ore and mineral mining)
- DMCI Power Corp. (power generation)
- PIDC (toll roads)
- DMCI Holdings was listed on the Philippine Stock Exchange on December 18, 1995 as a holding firm. David Consunji remains chairman of the board of the company, while his son, Isidro, is President.
- The company sprung from DMCI, one of the Philippines' largest construction firms. It has undertaken a diverse array of construction and building projects from chapels and residences to multi-storey hotels and condominiums, irrigation dams to kilometer-long concrete bridges, power transmission lines to industrial plants, theaters to large commercial complexes.
- Semirara was incorporated on February 26, 1980 to explore, develop, and mine the coal resources in Semirara Island located in Caluya, Antique. The company had the "exclusive right" to conduct exploration, development, mining, and utilize coal in the island, which had an estimated coal reserve of 150 million metric tons.
- The company's website stated that there were 3 major coal deposits on Semirara - Unong, Panian, and Himalian. There were also limestone and silica deposits on the island.
SEMIRARA ISLAND. Semirara Mining Corporation has the 'exclusive' right to mine Semirara Island in Antique. Map taken from the DMCI website.
- Semirara said Unong, which began operations in 1984, initially generated the company's entire coal production. With continuous mining on Unong however, the pit's remaining coal reserves fell to 3.3 million MT, which was sufficient for commercial production only until 1999.
- Panian, where the recent landslide occurred, was developed and made commercially operational in 2000 until 2010, while the mine's extension started operations in 2010.
- Himalian, on the other hand, has estimated coal reserves of 80 million MT. The company said its potential reserves are being studied for future development.
- Majority of the mining firm's revenues come from the production of coal and additional revenues coming from coal handling services at the Calaca plants, owned by SEM-Calaca Power Corp., a unit under DMCI Power Corp.
- Semirara is chaired by David Consunji and vice-chaired by son Isidro. Another son, Victor, serves as the company's President.
- Semirara’s coal production in 2011 reached 7.1 million metric tons where 67% was dedicated to local clients, including its Sem-Calaca.