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