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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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Tuesday, 26 October 10
INDONESIA SHIPPED 5.32 PERCENT LESS COAL IN SEPTEMBER 10
COALspot.com: Indonesia, the world largest coal exporter, shipped 21,661,817 MT of coal in September 2010, which is 5.32 percent lesser than Au ...
Tuesday, 26 October 10
DRY BULK MARKET TO KEEP RISING THIS WEEK ON STRONG CHINESE IRON ORE AND THERMAL COAL DEMAND - HELLENIC SHIPPING
Overcapacitated or not, the dry bulk market keeps its positive momentum as we move forward this week, with the Baltic Dry Index (BDI) rising by 0.77 ...
Monday, 25 October 10
TWO CHINESE COMPANIES INK DEAL TO TAP AUSSIE COAL RESERVES
China Daily reportd that, two Chinese coal firms have teamed up to explore and develop coal resources in an area in Australia that has forecast rese ...
Monday, 25 October 10
DRY BULK MARKET STILL HEAVILY DEPENDENT ON CHINA, POSTS SMALL WEEKLY LOSS OF 1.27% - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With every twitch and turn from China’s metals industry, the dry bulk market is disproportionally affected, as evidenced by the course of the ...
Sunday, 24 October 10
SUPRAMAX VESSELS BEING FIXED AROUND $ 15 K PER DAY DELIVERY N. CHINA FOR TRIP VIA INDONESIA TO INDIA - VISTAAR SHIPPING
COALspot.com: The freight market this week remained almost at same levels with not much change. However the Far East/SE Asia market was quite soft w ...
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- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
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- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
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- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
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- Vizag Seaport Private Limited - India
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- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
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- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Energy Link Ltd, New Zealand
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