We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
|
|
|
Showing 1566 to 1570 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- White Energy Company Limited
- Planning Commission, India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
|
| |
| |
|
