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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, 04 November 10
CAPE SIZE SENTIMENT FOR THIS WEEK WAS NEGATIVE - FEARNBULK
Handy
The Atlantic markets remain flat and lackluster. High volume of tonnage availabi ...
Thursday, 04 November 10
GVK TALKS WITH MEC FOR INDONESIAN MINES DEAL - DNA INDIA
As reported by DNA India, GVK Power and Infrastructure on Wednesday said it is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia, ...
Wednesday, 03 November 10
PANAMAX SIZE DRY-BULK CARRIER MARKET IS STRONG - GERSON LEHRMAN
Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, du ...
Tuesday, 02 November 10
ADDED VALUE REMAINS STAGNANT - MAJALAH TAMBANG
The improvement of added value of mining products in accordance with mandate of the mining law has not been visible. Minerals and coal are still exp ...
Saturday, 30 October 10
THE SUPRAMAX FREIGHT MARKET THIS WEEK REMAINED ALMOST AT LAST WEEK LEVELS - VISTAAR SINGAPORE
COALspot.com: The freight market this week remained almost at same levels except for Panamax index which was up by 191 points.
The feast/SE Asia ...
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- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
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- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
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- Oldendorff Carriers - Singapore
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- The Treasury - Australian Government
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- Baramulti Group, Indonesia
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- Georgia Ports Authority, United States
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- Ministry of Mines - Canada
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- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
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- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
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- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kalimantan Lumbung Energi - Indonesia
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- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
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- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
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- Price Waterhouse Coopers - Russia
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- Coal and Oil Company - UAE
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- Carbofer General Trading SA - India
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- AsiaOL BioFuels Corp., Philippines
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- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
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- Chamber of Mines of South Africa
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- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
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- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
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- Parliament of New Zealand
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- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
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- Binh Thuan Hamico - Vietnam
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- Asmin Koalindo Tuhup - Indonesia
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- Lanco Infratech Ltd - India
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- ASAPP Information Group - India
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- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
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- Mintek Dendrill Indonesia
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- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
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- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
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- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
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- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
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- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- The University of Queensland
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