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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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- Interocean Group of Companies - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
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