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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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Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
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