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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, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
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