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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, 09 September 10
DRY BULK MARKET IS LOOKING TO INCREASE GAINS ON OCTOBER IRON ORE CONTRACTS
The “success” story that the dry bulk market has been displaying during the past couple of weeks is being materialized as we head toward ...
Tuesday, 07 September 10
INDIA IMPORTS 1.63 MLN T OF COAL FOR THE PERIOD 30 AUGUST - 5 SEPTEMBER - SOURCES
COALspot.com: India has imported 1.07 million tons of power plant coal, 0.520 mln tons of coking coal and around 41,000 mt of Anthracite coal for th ...
Tuesday, 07 September 10
GOVERNMENT DECLARED INDONESIAN COAL PRICE REFERENCE DECLINE FOR THIRD-STRAIGHT MONTH
COALspot.com: Indonesian thermal coal price reference, a monthly benchmark price declared by Ministry of Energy and mineral resources of Repub ...
Tuesday, 07 September 10
MERCATOR TO BUY COAL MINE IN INDONESIA THIS FISCAL
Mercator Lines, India’s second-largest shipping company which has diversified into coal mining, will buy a coal mine in Indonesia with more th ...
Monday, 06 September 10
DRY BULK MARKET GAINS 6.05% ON WEEK, BOOSTED BY CAPESIZE VESSELS
The dry bulk market is looking to capitalize last week’s gains of more than 6 percent in this week, as the capesize segment seems to be on a h ...
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- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
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- Neyveli Lignite Corporation Ltd, - India
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- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
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