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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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Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
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