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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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- Ministry of Mines - Canada
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- Global Coal Blending Company Limited - Australia
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- Baramulti Group, Indonesia
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- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
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- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
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- Simpson Spence & Young - Indonesia
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- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
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- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Economic Council, Georgia
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- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
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- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
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