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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, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
Tuesday, 05 October 10
EWP SEEKING VIETNAMS ANTHRACITE COAL
COALspot.com: South Korea’s EWP is seeking Min 200,000MT of Vietnam coal with plus or minus 30,000MT at EWP’s (Korea East West Power Co ...
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- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Australian Coal Association
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
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