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.
|
|
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
Wednesday, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
|
|
|
Showing 5641 to 5645 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
|
| |
| |
|
