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.
|
|
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
|
|
|
Showing 1541 to 1545 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
|
| |
| |
|
