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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, 21 November 10
THE FREIGHT MARKET MAY SLIGHTLY FIRM UP NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market continued its down fall with BDI down by 6.83 pct and closed at 2,155 points.
According to Vistaar Shipping of S ...
Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
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- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Dalmia Cement Bharat India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Australian Coal Association
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
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