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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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Sunday, 28 November 10
FREIGHT MARKET SEEMS TO BE NERVOUS - VISTAAR
COALspot.com - The freight market continued to remain uncertain even though only cape index was down by 8.31 pct.
Overall the market seems to be ...
Friday, 26 November 10
INDIA WILL IMPORT 100 MLN TONS OF COAL BY 2012 - LAKSHMINARAYANA
COALspot.com – “India’s coal shortfall will reach 100 million mt by 2011-12”, said Lakshminarayana, Vice Preside ...
Friday, 26 November 10
CHINAS COAL INVENTORY STAYS HIGH FOR 22 MONTHS AT 220 MLN T, ASSOCIATION
Xinhua News Agency reported that, China’s coal inventory has stayed high and unchanged for 22 months to be around 220 million tonnes, reflecti ...
Friday, 26 November 10
DR WOLFGANG CIESLIK TO HEAD GERMAN COAL IMPORTERS ASSOCIATION
COALspot.com – (Press Release): The Management Board of the German Coal Importers Association (Verein der Kohlenimporteure e.V.) has elected D ...
Thursday, 25 November 10
ANALYSIS: COAL SECTOR: VALUE EMERGENCE - THE JAKARTA POST
Coal demand will remain firm due to a build-up of coal-fired power plants in India, China and Indonesia. As a result, we have upgraded our coal pric ...
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- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
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