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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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Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
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- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
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