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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
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