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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 $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
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- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
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