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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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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
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