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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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Saturday, 13 November 10
INDONESIA SHIPPED 8.73 % MORE COAL IN OCTOBER THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 23.55 mln mt of coal in October 2010, which is 8.73 percent more compared to Septe ...
Friday, 12 November 10
BANPU'S NET PROFIT HAS INCREASED 249 PERCENT IN 3Q 2010 COMPARED TO THE SAME PERIOD LAST YEAR
COALspot.com: Banpu Public Company Limited (BANPU) reports its financial performance for the third quarter 2010, posting a net profit of THB 13,293 ...
Friday, 12 November 10
DRY BULK MARKET STILL ON A FREEFALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market failed to show any signs of life this week, with the Baltic Dry Index (BDI) still being on the red, now stretching more than 11 ...
Thursday, 11 November 10
KOMIPO WANTS 400KT OF SUB BITUMINOUS COAL
COALspot.com : Korea Midland Power Co. Ltd. (KOMIPO) is looking for 400,000 MT of sub bituminous coal through International open bidding. The delive ...
Wednesday, 10 November 10
NTPC TO IMPORT 12 MILLION TONS OF COAL IN 2011
COALspot.com: India's State Trading Corp Ltd a public sector Govt of India co. is looking for 12 million tones (+/- 2%) of imported coal for NTPC. ...
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- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- White Energy Company Limited
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
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