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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, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Bukit Asam (Persero) Tbk - Indonesia
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- Eastern Coal Council - USA
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- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
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- Chamber of Mines of South Africa
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
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- Ceylon Electricity Board - Sri Lanka
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- Economic Council, Georgia
- Merrill Lynch Commodities Europe
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- Singapore Mercantile Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
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- Energy Link Ltd, New Zealand
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- Aditya Birla Group - India
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- Africa Commodities Group - South Africa
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- Formosa Plastics Group - Taiwan
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- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
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- Australian Coal Association
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- Price Waterhouse Coopers - Russia
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- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
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- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
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- Bulk Trading Sa - Switzerland
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- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
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- Australian Commodity Traders Exchange
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- London Commodity Brokers - England
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- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Planning Commission, India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
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- Renaissance Capital - South Africa
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- Indian Energy Exchange, India
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- The Treasury - Australian Government
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- Goldman Sachs - Singapore
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- Independent Power Producers Association of India
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- Straits Asia Resources Limited - Singapore
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- Kumho Petrochemical, South Korea
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