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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, 25 March 10
THE INDIAN MARKET IS STILL FIRM - FEARNLEYS AS
Handy
A sluggish start to the week in the Atlantic with little fresh busin ...
Tuesday, 23 March 10
NINE COMPANIES WIN 20-YEAR COAL CONTRACTS - TEMPO
Tempo Interactive reported that, State Eletricity Company (Perusahaan Listrik Negara) revealed four joint ventures and one company winning coa ...
Monday, 22 March 10
INDONESIA`S MERUKH WINS US$3 BLN SWISS CONTRACT TO SUPPLY COAL - ANTARA
Antara Reported that, Indonesia's PT Merukh Enterprises said it has secured a 30-year contract to supply coal to Swiss buyer Glencore International ...
Monday, 22 March 10
INDIA TO IMPORT COLOMBIAN COAL FOR FIRST TIME AS DEMAND SURGES - BLOOMBERG
Bloomberg reported that, Adani Enterprises Ltd., India’s biggest coal importer, agreed to buy thermal coal from Colombia for the first t ...
Saturday, 20 March 10
NO MAJOR CHANGES ON SUPRAMAX MARKET FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: “The dry bulk freight market continued to be firm on the Panamax and Supramax and Handy size vessels”, said Capt. Reddy MD ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- The University of Queensland
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
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