We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
|
|
|
Showing 1536 to 1540 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Australian Coal Association
|
| |
| |
|
