We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
|
|
|
Showing 5636 to 5640 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
|
| |
| |
|
