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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, 29 October 10
CAPE MARKET STARTED TO BREAK THOUGH THE UPWARDS RESISTANCE LEVEL OF USD 40K DAILY FOR SPOT CARGOS - FEARNLEYS
HANDY
The Atlantic markets remain flat and lackluster. The expectations that the grain ...
Friday, 29 October 10
CHINA'S COAL DEMAND DRIVES DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is posting marginal, yet steady growth this week, with the Baltic Dry Index rising yesterday to 2784 points, up by 0.2%. Both th ...
Wednesday, 27 October 10
TNPL TO AWARD 240,000 MT COAL SUPPLY CONTRACT TO COAL & OIL
COALspot.com: Tamil Nadu Newsprint Papers Limited, Tamil Nadu state owned Newsprint and Printing & Writing Paper producer has opened a coal purc ...
Wednesday, 27 October 10
CHINA AIDS RUSSIA IN DEVELOPING COAL RESOURCES - PEOPLE'S DAILY
People's Daily reported that, Russia will use 6 billion U.S. dollars in loans provided by China to develop coal resources in Sakhalin Island, Elege ...
Wednesday, 27 October 10
MAIDEN COAL SHIPMENTS TO NOBLE RESOURCES - PAN ASIA AUSTRALIA
Press Release :
First Coal Shipments made from Nadvara Coal Project, East Kalimantan
51,616 tonnes delivered from October production &ndas ...
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- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Independent Power Producers Association of India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
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