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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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Sunday, 14 March 10
CHINESE COAL PRICE MAY RISE TO TRADE NEAR SPOT, MACQUARIE SAYS
Bloomberg reported that, Steel mills in China, the world’s biggest producer of the alloy, may pay more for domestic coking coal this year as d ...
Sunday, 14 March 10
THERE IS NO INDICATION OF SLOWING DOWN OF IRON ORE AND COAL IMPORTS BY CHINA - VISTAAR SINGAPORE
COALspot.com: The dry bulk freight market continued the upward trend and the BDI closed 8.14 pct this week.
The Cape index up by 10.32 pct ...
Saturday, 13 March 10
INDONESIA COAL EXPORTS DROP IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons in January 2010 which fell slightly to 22.89 mln ton of coal i ...
Saturday, 13 March 10
INDONESIA TELLS BUKIT ASAM TO DITCH PARTNER IN SUMATRA RAILWAY UNLESS PROJECT STARTS
The Jakarta Globe reported that, the Indonesian government has urged state-owned miner PT Tambang Batubara Bukit Asam to look for new partners to he ...
Saturday, 13 March 10
OPTIMUM COAL AIMS TO RAISE R1,6 BILLION IN LISTING
All Africa reported that, COAL mining and exploration company Optimum Coal yesterday announced plans to list on the JSE at the end of the month ...
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- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
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