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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, 01 April 10
PROFIT AT TWO INDONESIAN COAL MINERS SOARS AS RECOVERY STIRS GREATER DEMAND, HIGHER PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Two of the country’s biggest coal producers enjoyed a surge in profit last year as prices rose and demand pic ...
Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia&rsq ...
Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks ...
Thursday, 01 April 10
TATA POWER EYES MORE COAL FROM INDONESIA FOR ITS FUTURE PLANTS - FINANCIAL EXPRESS
Financial Expressreported that, Tata Power, one of the largest private sector power utilities in the country with interests in generation, transmiss ...
Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
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- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
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