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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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Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
Monday, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
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- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
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- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
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- Merrill Lynch Commodities Europe
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- Goldman Sachs - Singapore
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- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
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- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
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- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
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- Economic Council, Georgia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
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- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
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- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
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- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
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