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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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Monday, 11 October 10
COAL IMPORTS TO START IN 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Viet Nam is now likely to import coal only from 2015, not 2013 as earlier forecast since many thermal power pl ...
Monday, 11 October 10
OCTOBER INDONESIAN COAL PRICE REFERENCE UP BY 2.92 PERCENT
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Saturday, 09 October 10
MPPGCL SEEKS TO BUY 0.40 MLN MT OF COAL FOR ITS THERMAL POWER STATIONS
COALspot.com: India's Madhya Pradesh Generating Company Limited (MPPGCL), Jabalpur, Madhya Pradesh invites bidders through tender 07-03/Import/Coal ...
Saturday, 09 October 10
FREIGHT MARKET IS EXPECTED TO FIRM UP NEXT WEEK CAPT REDDY
COALspot.com: Inspite of Chinese holidays the BDI was up by 10 pct and closed at 2,696 points. The cape index shot up to 20 pct and closed at 4,076 ...
Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
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