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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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Friday, 29 October 10
CAPE MARKET STARTED TO BREAK THOUGH THE UPWARDS RESISTANCE LEVEL OF USD 40K DAILY FOR SPOT CARGOS - FEARNLEYS
HANDY
The Atlantic markets remain flat and lackluster. The expectations that the grain ...
Friday, 29 October 10
CHINA'S COAL DEMAND DRIVES DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is posting marginal, yet steady growth this week, with the Baltic Dry Index rising yesterday to 2784 points, up by 0.2%. Both th ...
Wednesday, 27 October 10
TNPL TO AWARD 240,000 MT COAL SUPPLY CONTRACT TO COAL & OIL
COALspot.com: Tamil Nadu Newsprint Papers Limited, Tamil Nadu state owned Newsprint and Printing & Writing Paper producer has opened a coal purc ...
Wednesday, 27 October 10
CHINA AIDS RUSSIA IN DEVELOPING COAL RESOURCES - PEOPLE'S DAILY
People's Daily reported that, Russia will use 6 billion U.S. dollars in loans provided by China to develop coal resources in Sakhalin Island, Elege ...
Wednesday, 27 October 10
MAIDEN COAL SHIPMENTS TO NOBLE RESOURCES - PAN ASIA AUSTRALIA
Press Release :
First Coal Shipments made from Nadvara Coal Project, East Kalimantan
51,616 tonnes delivered from October production &ndas ...
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- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
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