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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, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed t ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
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- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Parliament of New Zealand
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- The University of Queensland
- Australian Coal Association
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
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