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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 $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Thursday, 22 April 10
INDONESIAN COAL PRICE REFERENCE FOR MARCH 2010 - US$ 86.64/T
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has begun publishing a monthly coal price reference (HBA) to be use ...
Thursday, 22 April 10
NEED TO IMPORT 82 MT COAL IN FISCAL - INDIA COAL MIN
Indian Express reported that, anxious to bridge the ever-widening gap between the rising demand for coal and its inadequate supply, the Coal Ministr ...
Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain f ...
Thursday, 22 April 10
INDIA'S BORL SEEKS TO BUY INDONESIAS LOW - SULFUR COAL
COALspot.com: Bharat Oman Refineries Ltd, a joint venture company (promoted by Bharat Petroleum Corporation Ltd, India and Oman Oil Company Lt ...
Wednesday, 21 April 10
INDONESIA SHIPPED 13.24 PERCENT MORE COAL IN MARCH THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 27,615,191 MT of coal in March 2010, compare to 24.38 million tons in January and ...
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- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- The University of Queensland
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
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