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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, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
Monday, 17 May 10
INDONESIA SHIPPED 15.51 PERCENT LESS COAL IN APRIL THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 23,331,542 MT of coal in April 2010, compare to 27.61 million tons in ...
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- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Planning Commission, India
- Grasim Industreis Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
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