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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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Friday, 19 March 10
COAL INDIA TO HIT CAPITAL MARKETS IN JULY
India’s largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said ...
Thursday, 18 March 10
COAL IMPORTS SOAR IN NANTONG PORT OF JIANGSU PROVINCE CHINA
BloombergUTV reported that, Coal imports at Nantong Port, located in coastal China's Jiangsu Province, soared 13 times to 581,000 tonnes in the fir ...
Thursday, 18 March 10
INNER MONGOLIA TO CAP COAL OUTPUT AT 700 MLN TONS IN 2010
Alibaba / China Knowledge reported that, Inner Mongolia, China's northern border autonomous region, plans to control coal output at 700 million ton ...
Thursday, 18 March 10
THE INDIAN MARKET WAS QUIET, BUT BECAUSE OF THE TIGHT TONNAGE SITUATION STILL FIRM - FEARNLEYS AS
Handy
Activity continues to be solid in the Atlantic.
Supramax physical market is strong which pushed the BSI to a 17 month high at ...
Thursday, 18 March 10
INDONESIAN COAL PRODUCTION EXPECTED TO BEAT EARLIER FORECAST
The Jakarta Globe reported that, the government expects coal output this year to exceed its initial projection of 250 million metric tons as the dri ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
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