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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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Friday, 01 October 10
COAL TRADERS POWER FOREIGN ASSET BUYS - ECONOMIC TIMES
Economic Times reported that, the rush to own coal assets is leading to innovative alliances. are teaming up with utilities like , Reliance Power an ...
Thursday, 30 September 10
LOW CALORIFIC VALUE COAL MAY BE SOLD BELOW COAL REFERENCE PRICE IN INDONESIA
COALspot.com: Indonesia, the world’s largest coal exporter has issued another ministerial decree to regulate the selling price of coal of Indo ...
Thursday, 30 September 10
INITIAL PHASE OF MOATIZE MINING BY EARLY NOVEMBER - ALL AFRICA
All Africa report that, the initial phase of mining coal at Moatize, in the western Mozambican province of Tete, will begin by early November, and t ...
Thursday, 30 September 10
THE PANAMAX CONTINUED ITS DOWNWARD TREND FROM LAST WEEK - FEARNBULK
HANDY
Activity remains slow this week combined with a lack of fresh enquiry and tonnage over-supply in the Atlantic. Indexes are all negative exce ...
Thursday, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
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- Makarim & Taira - Indonesia
- Central Electricity Authority - India
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- Star Paper Mills Limited - India
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- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
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- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
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- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
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- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
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- Economic Council, Georgia
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- Medco Energi Mining Internasional
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- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
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- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
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