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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, 04 October 10
2 BLN TONS OF COAL RESERVES DISCOVERED IN SOUTHERN PAKISTAN - XINHUA / HELLENIC SHIPPING
Xinhua and Hellenic Shipping reporte dhtat, the discovery of at least two billion tons of usable coal reserves has been confirmed in one of the ...
Sunday, 03 October 10
THE BDI WAS JUST INCREASED BY 8 POINTS AND CLOSED AT 2452 POINTS LAST FRIDAY - VISTAAR
COALspot.com: The BDI was almost at same levels and just increased by 8 points and closed at 2452 points , however the cape index was up by al ...
Sunday, 03 October 10
NALCO TO FINALIZE INDONESIA COAL DEAL BY JANUARY - HINDUSTAN TIMES
HindustanTimes reported that, state-owned National Aluminium Company (NALCO) will finalise a deal with a coal source in Indonesia for its $4 billion ...
Sunday, 03 October 10
INDONESIA WILL BECOME A NET IMPORTER OF ENERGY IN 2030 - BPPT
Jakarta Updates reported that,Indonesian Agency for the Assessment and Application of Technology (BPPT) predicted that the energy situation in Indon ...
Saturday, 02 October 10
FOUR INDONESIAN COAL FIRMS KEEN TO TIE UP WITH NALCO - SIFY
Sify reported that, Four Indonesian coal companies have shown interest to tie up with public sector National Aluminium Company (Nalco) for its 4 bil ...
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- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
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