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