First-half results suggest the Philippine coal producer is conserving capital, preserving borrowing room and holding back dividends as uncertainty over its flagship mining contract approaches a decisive stage. **MANILA—**Semirara Mining and Power Corp.’s first-half results tell two stories. The first is an operating story: a surging power business offset a sharp deterioration in coal profitability, allowing the company—listed under the ticker SCC —to report a modest increase in consolidated earnings. The second, and potentially more consequential, is a story of financial preparation. SCC ended June with ₱18.34 billion in cash , more than four times the ₱4.36 billion it held at the end of 2025. The increase appears designed to give the company room to maneuver as the Philippine government prepares to auction off coal development areas on Semirara Island, where SCC’s existing Coal Operating Contract No. 5 is scheduled to expire in July 2027. The cash buildup reflects three related decisi...