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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, 25 November 10
INDONESIAN ROUNDS ARE ACHIEVING IN THE LOW 10S, OWNERS ARE NOT KEEN FOR TRIPS TO INDIA - FEARNBULK
HANDY
Uneventful week - Supra/Panamax stems ex USG to China/Korea/Japan are the main focus + grains ex. Argentina. The Atlantic market activity re ...
Thursday, 25 November 10
JSW ENERGY BUYS CANADIAN COAL FIRM FOR $411 MN - NDTV PROFIT
NDTV Profit reported that, Sajjan Jindal-owned JSW Energy on Wednesday said it has entered into an agreement to buy out British Virgin Islands-based ...
Thursday, 25 November 10
DRY BULK MARKET STILL GOING STRONG THIS WEEK, CAPESIZE SECTOR LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI) gaining a further 0.64% to e ...
Wednesday, 24 November 10
COAL PRODUCTION PREDICTED TO CLIMB IN SUNNIER 2011 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal producers are expected to increase output by 13 percent in 2011, thanks to predicted better ...
Monday, 22 November 10
RUSSIA'S KTK HAS PRODUCED 4.59 MLN TONNES OF COAL IN FIRST 9 MONTHS OR AN INCREASE OF 5% YEAR-ON-YEAR
COALspot.com (Press Release) - KTK has produced 4.59 mln tonnes of coal in first nine months or an increase of 5% year-on-year.
Kuzbasskaya Topli ...
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- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- The University of Queensland
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
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