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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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Wednesday, 20 October 10
ADANI THE LARGEST COAL IMPORTER OF INDIA IS NEGOTIATING WITH COAL INDIA LIMITED FOR A SUPPLY AGREEMENT - TOP NEWS
Top News reported that, negotitations are very much on between Adani Enterprises, the biggest coal importer of the country and Coal India Limited, t ...
Wednesday, 20 October 10
UAE FIRM IN INDONESIA RAIL DEAL - GULF NEWS
Gulf News reported that, construction of a 140-kilometre railway in Indonesia, initiated by RAK Minerals and Metals Investments (RMMI) will start ne ...
Wednesday, 20 October 10
CAPESIZES FINDING SUPPORT IN IRON ORE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although the beginning of the week wasn’t the rosiest one for the dry bulk market, last week proved a cheerful one for dry bulk ship owners, e ...
Saturday, 16 October 10
BDI WAS MARGINALLY UP BY 2.45 PCT LAST WEEK - VISTAAR SHIPPING
COALspot.com: The BDI seemed to lose the moment compared to last week and was marginally by 2.45 pct and closed at 2,762 points.
Also the Cape in ...
Friday, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
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- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
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- Minerals Council of Australia
- Trasteel International SA, Italy
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- GMR Energy Limited - India
- Commonwealth Bank - Australia
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- The State Trading Corporation of India Ltd
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- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
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- Indian Oil Corporation Limited
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- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
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- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Planning Commission, India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
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