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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
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