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