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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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Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
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