Mining

In March 2010, San Miguel Energy Corporation acquired ownership of Daguma Agro Minerals Inc. and Bonanza Energy Resources Inc. for US$25 million.  Both mines are located in South Cotabato, Mindanao.  SMEC’s third mining acquisition is Sultan Energy Phils. Inc., bought for US$14.5 million.  Located in Sultan Kudarat, close to the company’s other two mines.  Taken together, the three mines have a total of 17,000 hectares of coal resources and will provide guaranteed and a cheaper raw material source for SMEC power plants.