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Wednesday, 20 October 10
CANADIAN CHALLENGER ACQUIRES INDONESIAN COAL PROJECT
 COALspot.com (Press Release): According to Challenger Deep Resources Corp's website and press release posted on the site, Challenger Deep Resources Corp announces that, through its wholly owned subsidiary, P.T. Bestindo Energy, ("Bestindo") it has entered into a conditional sales and purchase agreement (the "CSPA") with PT Alam Tabang Raya Pratama ("ATRP") and its shareholders for the purchase of 100% of the issued and outstanding securities of ATRP for an aggregate purchase price of approximately CAD $1,851,335, which will be funded by cash payments staged over approximately 18 months.
ATRP is an privately-held Indonesian company that holds the coal exploration rights to a property located in the Mahakam river basin in East Kalimantan, Indonesia (the "Tabang Project"). ATRP has no other assets and has conducted no business other than holding its interest in the Tabang Project.
The acquisition of the Tabang Project is subject to approval of the TSX Venture Exchange.
About the Tabang Project
The 2,900ha Tabang Project is located in the Tabang district, Regency of Kutai Kartanegara, East Kalimantan, Indonesia.
The project area is accessible by vehicle with well established logging roads and is situated in close proximity to the Belayan River, a major tributary of the Mahakam which in turn is the coal transport route to Muara Jawa, the anchorage point for mother vessels and export to market. This river has the capacity to handle 230 foot (3,500 tonnes) barges from projected port facilities.
Coal operations in the area currently use the Belayan River as a transportation highway for commercial coal production.
The Tabang Project area covers both the Batuayau and Ujoh Bilang geological formations. The typical coal quality of the Ujoh Bilang and Batuayau Formations from producing coal mines in the region is CV 5,600 - 6,000 Kcal/Kg (ADB) with coal seam thicknesses varying from 0.5 - 6 meters. A preliminary field assessment conducted by Challenger has determined the presence of at least five outcrops of coal which indicates shallow dipping coal seams.
The current exploration rights for the project are held in the form of a SKIP, a permit to conduct reconnaissance surveys for the purpose of applying for an IUP, exploration permit. There are no work commitments associated with the SKIP. The SKIP allows for preliminary exploration, not including resource drilling. ATRP has applied for the IUP which, if issued, would permit drilling operations. If further exploration results warrant it, a permit for actual mining operations would be required and applied for. Surface access to the project area is subject to negotiation with local land owners and typically provides for compensation for damages caused by exploration activities
A comprehensive work program of surface mapping, trenching, sampling and analysis is being prepared to evaluate the potential of the Tabang Project. If and when the IUP (Exploration Permit) has been issued for the Tabang Project, exploration drilling operations may be initiated. This stage will depend upon the results of the initial work program.
Terms of the CSPA
Pursuant to the terms of the CSPA, Bestindo paid CAD $34,069 upon execution of the CSPA and will pay the remaining $1,817,266 over the next approximately 18 months, in three scheduled payments. Timing of the remaining payments to be made are based on the date of the issuance of the IUP by the relevant Indonesian Governmental authority. Bestindo may terminate its payment obligations under the CSPA at any time and once terminated, would not be under any further obligation to make any further payments and would lose its interest in the Tabang Project. Once all $1,851,335 is paid by Bestindo, the shareholders of ATRP will transfer, collectively, 100% of the issued and outstanding securities of ATRP to Bestindo. The CSPA provides that upon Bestindo's production and sale of coal from the property, it will grant and pay to the vendors of the shares of ATRP, a royalty of USD $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Friday, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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