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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, 18 March 10
COAL PILING UP AT EAST COAST PORTS ON RAKE SHORTAGE
Business Line reported that, more than three million tonnes (mt) of imported coal are awaiting evacuation at the east coast ports of Paradip, Visakh ...
Tuesday, 16 March 10
INDONESIA ROUND VOYAGES WERE GETTING BETWEEN HIGH TEENS - BRS
Another strong week for the bulk market and rates in all segments are now back above pre-Chinese New Year levels. Atlantic volumes remain robust, an ...
Tuesday, 16 March 10
MADHUCON GETS MINING LICENSE IN INDONESIA
Business-Standard reported that, PT Madhucon Indonesia, a subsidiary of the Hyderabad-based infrastructure company Madhucon Projects Ltd, has been g ...
Monday, 15 March 10
BOB KAMANDANU ON INDONESIAS PEAK COAL PRODUCTION, ENERGY SECURITY AND EXPORTS TO INDIA
Bob Kamandanu, the chairman of Indonesian Coal Producers Association (APBI), said the country has an estimated 50 to 70 years of coal reserves.
T ...
Monday, 15 March 10
CIL BOARD CLEARS 10 PROPOSALS FOR STRATEGIC PARTNERSHIP OR JVS
Economic Times reported that, Towards achieving a global footprint, state-owned Coal India (CIL) is eyeing strategic partnership or joint ventures w ...
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- Rio Tinto Coal - Australia
- London Commodity Brokers - England
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- Gujarat Electricity Regulatory Commission - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
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- Orica Australia Pty. Ltd.
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- Global Business Power Corporation, Philippines
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- Price Waterhouse Coopers - Russia
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- Anglo American - United Kingdom
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- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
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- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
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- Parliament of New Zealand
- Planning Commission, India
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- Bukit Asam (Persero) Tbk - Indonesia
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- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
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- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
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