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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Australian Coal Association
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
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