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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, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
Tuesday, 05 October 10
EWP SEEKING VIETNAMS ANTHRACITE COAL
COALspot.com: South Korea’s EWP is seeking Min 200,000MT of Vietnam coal with plus or minus 30,000MT at EWP’s (Korea East West Power Co ...
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- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
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