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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, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
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- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
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- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
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- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
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- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
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- Parry Sugars Refinery, India
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- Merrill Lynch Commodities Europe
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- European Bulk Services B.V. - Netherlands
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- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
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- Central Electricity Authority - India
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- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
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- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
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- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- MS Steel International - UAE
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
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- Indian Energy Exchange, India
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- Coalindo Energy - Indonesia
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- Metalloyd Limited - United Kingdom
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- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
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- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
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- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Parliament of New Zealand
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
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- Ministry of Mines - Canada
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
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- Petron Corporation, Philippines
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- The State Trading Corporation of India Ltd
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- Kohat Cement Company Ltd. - Pakistan
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- Wood Mackenzie - Singapore
- Minerals Council of Australia
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- Leighton Contractors Pty Ltd - Australia
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- Port Waratah Coal Services - Australia
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- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
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- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
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- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
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- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
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