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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 $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Thursday, 09 December 10
INDONESIAN COAL PRICE REFERENCE REACHED US$ 103.41 PMT FOR DECEMBER DELIVERY
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Thursday, 09 December 10
DRY BULK MARKET LOOKING FOR DIRECTION THIS WEEK, AS CAPESIZE SHIPS END THEIR MISFORTUNES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk has began the week on a positive note capitalizing on the positive sentiment which finally prevailed during the last days of the previo ...
Monday, 06 December 10
NTPC MAY OPT FOR INDONESIA OVER AFRICA, OZ FOR COAL MINES
Country's largest power producer NTPC, which is scouting for coal properties abroad to fuel its power plants back home, may zero in on Indonesia fo ...
Saturday, 04 December 10
INDONESIA TO INDIA AND CHINA SEA FREIGHT UP BY ABOUT US$ 2.50 PMT - CAPT. REDDY
COALspot.com - The freight market even though remained weak, but towards end of the week the market seemed to firm up.
The BDI was almost at sam ...
Saturday, 04 December 10
OFF WEST COAST OF INDIA TONNAGE IS SEEMINGLY QUITE SPARSE - FEARNBULK
Handy
The Atlantic markets are weak and remained unusually calm after the Thanksgiving ...
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- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
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