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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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Saturday, 10 April 10
VESSELS OPEN N. CHINA WERE SEEN FIXED AT HIGH TEENS FOR TRIP VIA INDONESIA TO INDIA - VISTAAR SINGAPORE
COALspot.com: The BDI indices was almost at same levels was down by only 2.6 pct.
The cape index was down by almost 13 pct, which appears to be s ...
Saturday, 10 April 10
KRISHNAPATNAM PORT GROWS BY ALMOST 100% IN ITS SECOND YEAR OF OPERATIONS
COALspot.com ( Press Release): It has been a year of setting numerous records for Krishnapatnam Port. Krishnapatnam Port is only in its second year ...
Saturday, 10 April 10
TRANS-ASIA SEEKS SEMIRARA, INDO SUPPLIERS FOR COAL POWER PLANT - MANILA STANDARD TODAY
Manila Standard Today reported that, Trans-Asia Oil & Energy Development Corp., a unit of the Phinma Group, will tap Semirara Mining Corp. ...
Thursday, 08 April 10
THE FAR EAST SHIPPING MARKET FIRMING SINCE THE LAST WEEK
Handy
Little fresh interest early this week after the holidays. The BSI saw yest ...
Thursday, 08 April 10
INDONESIAN ENERGY MINISTRY SEEKS LONGER MINING CONTRACTS - THE JAKARTAGLOBE
The Jakarta Globe reported that, Energy Minister Darwin Zahedy Saleh said he would seek to amend the mining law to address investors’ complain ...
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- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- White Energy Company Limited
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Planning Commission, India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
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