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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, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
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- MS Steel International - UAE
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- Wilmar Investment Holdings
- Planning Commission, India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
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- Jindal Steel & Power Ltd - India
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- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
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- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Economic Council, Georgia
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- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
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- IHS Mccloskey Coal Group - USA
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- Electricity Generating Authority of Thailand
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- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
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- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
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- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
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- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
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- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
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- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
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