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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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Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
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- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
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