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Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
 Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal operations beyond Indonesia, Fitch Ratings says. GEAR's Positive Outlook reflects our expectation that the company, primarily through its 67%-owned coal-mining subsidiary, PT Golden Energy Mines Tbk (GEMS, B+/Positive), will be able to successfully continue its production ramp-up to a level commensurate with the profile of a 'BB-' rated entity over the next 12-18 months.
The completion of the potential acquisition, depending on the effective ownership GEAR is able to secure, can potentially hasten the company's improvement in scale and diversity and thereby increase the likelihood of an upgrade in GEAR's ratings. Fitch is likely to upgrade GEAR's ratings if it is able to maintain a production volume of more than 30 million tonnes (mt) per annum, which we expect the company to achieve by 2020. Production increased to about 16 mt in 9M18 from about 10 mt in 9M17.
GEAR signed an agreement on 16 November 2018 to purchase 19.9% of the shares of Australia-based Stanmore from one of its shareholders for USD35 million. GEAR has also made a takeover bid for the remainder of Stanmore shares through a 51%-owned subsidiary, Golden Investments. The transaction will be restructured such that Golden Investments will hold 100% of Stanmore eventually, which will result in GEAR effectively owning 51% of the Australian company. GEAR expects a net cash outflow of around USD90 million for its effective share of the acquisition. It plans to fund the acquisition primarily from bond issue proceeds, which it raised in February 2018.
Stanmore expects to produce about 2 mt of coal in the financial year ending June 2019 (FY19), most of which is coking coal from its Australian mines, which generates considerably higher cash profits per tonne of coal than GEAR's current production. Stanmore generated EBITDA of USD27 per tonne in the 12 months to June 2018 compared with GEMS's USD11 per tonne. GEAR reported proportionate consolidated EBITDA of USD120 million during the 12 months ended June 2018 while Stanmore expects EBITDA to increase from USD35 million in FY18 to USD94 million-108 million in FYE19.
We expect GEAR's financial profile to continue to remain strong even after the proposed acquisition, with net debt to EBITDA remaining at or below 1x (9M18: 0.6x). In our view, Stanmore's net cash position, steady earnings and absence of any large capex in the near term will support GEAR's financial profile after the acquisition. However, plans for increasing Stanmore's feeble proved (1P) reserves (end-June 2018: 9.1 mt) may have an impact on GEAR's rating over the medium term although the company's 2P reserves (proved and probable) remain adequate at 115.1 mt.
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Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
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