We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
|
|
|
Showing 5856 to 5860 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
|
| |
| |
|
