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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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Tuesday, 21 December 10
CHINA COAL CAP TO BOOST GLOBAL M&A - FINANCIER WORLD WIDE
Financier World Wide reported that, Chinese state-run media has reported that the Central Government intends to cap domestic coal production for fea ...
Tuesday, 21 December 10
CIL TOLD TO SCOUT MINES ABROAD TO BRIDGE COAL DEFICIT - ECONOMIC TIMES
Economic Times reported that, The government asked state-owned CIL to look for acquiring assets abroad to meet the domestic shortfall of coal.
&q ...
Tuesday, 21 December 10
SHIPPING INDUSTRY RECOVERING, BUT STILL HAMPERED BY OVERSUPPLY OF VESSELS AND DEPRESSED FREIGHT RATES - UNCTAD / HELLENIC SHIPPING
International seaborne trade contracted by 4.5 per cent in 2009, reports UNCTAD´s Review of Maritime Transport 2010 . That decline put seaborn ...
Sunday, 19 December 10
SPOT SUPRAMAX VESSELS WERE FIXED AROUND US$ 13,000 PER DAY FOR TRIP VIA INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued to be soft with the BDI down by 96 points and closed at 1,999 points, touching below 2,000 points on Fri ...
Friday, 17 December 10
THE PANAMAX MARKET HAS EXPERIENCED A SOFTER TENDENCY THIS WEEK - FEARNBULK
Handy
Monotonous Atlantic markets with little fresh enquiry in Black Sea/Med/Continent. Large Supras are achieving usd 21/22k for TA rounds - 2/3 ...
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- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
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