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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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Monday, 24 May 10
PAMA TO CLOSE COALS ACQUISITION IN 2010
Insider Stories reported that, Indonesia's largest coal mining contractor PT Pamapersada Nusantara, subsidiary of PT United Tractors Tbk (UNTR), wi ...
Sunday, 23 May 10
SINGARENI LEVIES PREMIUM TO BALANCE COAL DEMAND - BUSINESS STANDARD
Business-Standard reported that, In view of the rising demand for coal, Singareni Collieries Company Limited has recently levied a premium on c ...
Saturday, 22 May 10
THE BRENT CRUDE PRICES WAS SHARPLY DOWN AT US$ 71.72 PER BARREL - VISTAAR SHIPPING
COALspot.com: The freight market was under pressure with the caps size index down by 10 pct with uncertainty in Europe crisis continuing.
The BD ...
Saturday, 22 May 10
PORT CONGESTION IN AUSTRALIA HELPING RATES CHINA COAL IMPORT BOOM TO CUSHION FREIGHT RATES
China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains. ...
Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
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- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
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- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
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- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
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- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
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- Tamil Nadu electricity Board
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- PNOC Exploration Corporation - Philippines
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- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
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- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
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- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
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- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
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- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
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- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Economic Council, Georgia
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- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
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- Asmin Koalindo Tuhup - Indonesia
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