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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, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
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- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
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