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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
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