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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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Saturday, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed t ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
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