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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, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
Saturday, 25 September 10
INDONESIA HAS EXPORTED 187.656 MILLION TONNES OF COAL IN EIGHT MONTHS
COALspot.com: Indonesia, the world largest coal exporter has exported 187.656 million tons of coal for the period January – August this ...
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- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- PTC India Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Australian Coal Association
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
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