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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 $1.50 per ton.
Challenger CEO, Ranjeet Sundher, commented, "We are very pleased with the acquisition of the Tabang coal project. Our focus is to build commerically economic resources in this area through acquisition and exploration. Challenger also plans to develop suitable infrastructure in the area so that future acquisitions are synergistic and compliment each other."
The Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.
Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of acquisition opportunity. The finder's fee will be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.
The purchase price under the CSPA is payable in Indonesian Rupiahs (IDR) and figures used in this release are based on a conversion rate of 1.00 IDR = 0.000113578CAD.
Indonesian Office
Challenger has also recently opened a Jakarta, Indonesia office from which the Bestindo staff and local partners will carry out project exploration and development as well as the ongoing due diligence Challenger is performing on several other acquisition opportunities.
For more information, please contact Darold H. Parken, Director at: phone: 403-262-3238, fax: 403237-5816, email: info@challengerdeep.ca or visit Challenger’s website at www.challengerdeep.ca.
Source: Challenger Deep
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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
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- The University of Queensland
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
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- Straits Asia Resources Limited - Singapore
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- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
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- Heidelberg Cement - Germany
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- Interocean Group of Companies - India
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- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
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- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
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- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
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- IHS Mccloskey Coal Group - USA
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- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
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- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
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- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
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- Eastern Coal Council - USA
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
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- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
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- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
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