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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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Thursday, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...
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- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Energy Link Ltd, New Zealand
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- Gujarat Mineral Development Corp Ltd - India
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- The University of Queensland
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- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
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- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
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- Formosa Plastics Group - Taiwan
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- Global Business Power Corporation, Philippines
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- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
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- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
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- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
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- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
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- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
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- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
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- Makarim & Taira - Indonesia
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- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
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- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
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