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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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- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
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