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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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Wednesday, 15 December 10
LARGE ORDERBOOK TO HINDER 2011 DRY BULK MARKET REBOUND DESPITE INCREASED DEMAND SAYS PARAGON SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A large orderbook which currently stands at 53% of the existing fleet is expected to render 2011 another challenging year for the dry bulk marke ...
Wednesday, 15 December 10
SMALLER DRY BULK VESSELS ARE LOOKING UP, LARGER ONES FAIL TO DELIVER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market lost further ground at the beginning of the week, in what could prove one of the slowest periods ship owners have been faced. Ye ...
Tuesday, 14 December 10
COAL IMPORTS MAY INCREASE 78% TO CHINA, INDIA: ENERGY MARKETS - BUSINESS WEEK
Business Week reported that, China and India may increase imports of coal by 78 percent to 337 million metric tons next year, further driving up pri ...
Tuesday, 14 December 10
BANPU PLANNING PRODUCTION BOOM - BANGKOK POST
Australian, Indonesian output to lead growth
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, wants to nearly double its coal ...
Tuesday, 14 December 10
THE FREIGHT RATES FROM INDONESIA TO INDIA AND CHINA REMAINED FIRM - CAPT. REDDY
COALspot.com - The freight market continued to be soft with the Cape sector most effected which was down by 289 points and closed at 2,694 poi ...
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- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- PTC India Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
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