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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
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