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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 $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Monday, 13 December 10
ICE FUTURES EUROPE TO LAUNCH IHS MCCLOSKEY INDONESIAN SUB-BITUMINOUS FOB MARKER COAL CONTRACTS - MONDOVISIONE
Mondovisione reported that, IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over ...
Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN
MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091 ...
Monday, 13 December 10
DEUTSCHE BANK RAISES COAL FORECASTS ON MARKET SHORTAGE - BLOOMBERG
Deutsche Bank AG raised price forecasts for thermal coal by as much as 17 percent on expectations that a shortage of the fuel will widen over the ne ...
Monday, 13 December 10
K SERA SERA TO SPEND RS325CR TO BUY COAL,OIL & GAS FIRMS STAKE - LIVE MINT
The company might have to dole out around Rs 225 crore (US$ 50,122,522) for picking up the majority stake in the coal mine in Indonesia and around R ...
Thursday, 09 December 10
OVERSUPPLY OF SHIPS BOUND TO KEEP DRY BULK FREIGHT RATES SUBDUED DURING 2011 SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
An oversupply of vessels is expected to keep freight rates from flying as high as in recent years said a relative shipping report from BIMCO’s ...
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- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
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