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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, 25 September 10
PRESSURE ON S6 AND S7 ROUTES SEEMS TO BE CONTINUED NEXT WEEK CAPT. REDDY
COALspot.com: The freight market has been flat this week due to holidays in China and low activity saw all sectors down and soft.
The BDI was dow ...
Thursday, 23 September 10
CHURCHILL MINING SHARES JUMP ON EAST KUTAI COAL PROJECT FEASIBILITY RESULTS - STOCKOPEDIA
AIM listed mining group Churchill Mining (LON:CHL) and its Indonesian partners the Ridlatama Group, have completed a feasibility study on the 2.73bn ...
Thursday, 23 September 10
DRY BULK RATES EXPECTEDLY FALL TO ONE MONTH LOWS - HELLENIC SHIPPING
With of the Far East trade routes closed this week on various national holidays, demand for ocean transportation of raw materials has been significa ...
Wednesday, 22 September 10
INDIA TO BE BIGGEST BUYER OF INDONESIAN COAL BY 2011 - BUSINESS STANDARD
India will pass Japan to be the biggest buyer of Indonesian coal by 2011, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
...
Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
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- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
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