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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, 26 April 10
COAL INDIA NEARS PORT DEAL WITH VIZAG STEEL - DNA
DNA India reported that, Coal India Ltd (CIL), the country’s largest coal producer, is close to signing a deal to acquire space at Vizag Steel ...
Sunday, 25 April 10
THE WAITING AT INDIAN PORTS FOR COAL VESSELS WAS QUITE NORMAL - VISTAAR
COALspot.com: The BDI remained unchanged this week and all other sectors also the change was not much.
The cape index continued to move up and wa ...
Saturday, 24 April 10
NTPC TO BUY COAL MINES IN KAZAKHSTAN - TELEGRAPH INDIA
Telegraph India reported that, NTPC Ltd plans to acquire coal mines and operate two thermal power plants in Kazakhstan.
“We are exploring t ...
Saturday, 24 April 10
CHINA'S COAL IMPORTS DOUBLE IN MARCH
China's General Administration of Customs said that the country imported 15.22 million tons of coal last month, more than double the amount it impo ...
Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
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- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
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- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
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