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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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Tuesday, 25 May 10
BUMPER YEAR PREDICTED FOR INDONESIAN COAL - THE JAKARTA GLOBE
The Jakarta globe reported that, In The country’s coal output may reach 320 million tons this year, up from 300 million tons in 2009, as produ ...
Tuesday, 25 May 10
CHINA'S COAL SHIPMENTS VIA ITS MAIN PORTS RISE BY 13.1 PERCENT IN APRIL
According to the data issued by China's Ministry of Industry and Information on May 21, in April total coal shipments via China's main ports reach ...
Monday, 24 May 10
SAMTAN TO SELL KIDECO TO INDIKA ENERGY?
Insider Stories reported that, Parent company of Indonesia's coal mining contractor PT Petrosea Tbk (PTRO), PT Indika Energy Tbk (INDY) aims to boo ...
Monday, 24 May 10
INDIA'S ESSAR SHIPPING BEGIN COMMERCIAL OPERATIONS OF BULK TERMINAL AT HAZIRA
COALspot.com: Essar Shipping Ports & Logistics Ltd. commences commercial operations of Essar Bulk Terminal at Hazira, one of India's largest dr ...
Monday, 24 May 10
INDONESIAN COAL PRICE REFERENCE (HBA) FOR MAY 2010 REACHES US$ 92.07 PER TON FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has released Indonesian coal price reference (HBA) for Month of M ...
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- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
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