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Wednesday, 30 March 11
CHALLENGER SIGNS OPTION AGREEMENTS TO PURCHASE FOUR COAL PROJECTS IN INDONESIA
 Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia
Challenger Deep Resources Corp.has announced that it has, through its wholly-owned subsidiary, PT Bestindo Energy, (“Bestindo”) entered into three separate Memorandums of Understanding ("MOU’s") which give Bestindo the exclusive right, for a period of thirty days, to purchase the shares of three separate private Indonesian companies which hold various coal rights related to four separate coal projects, according to news that posted in its web site.
Each of the coal projects is 100% owned by the respective private company and all of the projects are located in the Regency of Kutai, East Kalimantan. Each of the MOU’s provide for the subsequent execution of a Conditional Share Purchase Agreement (“CSPA”), which provides for staged payments of the purchase price over a period of four months in respect of one MOU and over a period of 24 months for the other two MOU’s.
Arni Bersaudara Coal Project
Pt Arni Bersaudara (“Arni”) is the holder of two contiguous IUP Exploration permits covering 3,039 and 2,874 hectares in the District of Muara Kaman. The IUP’s are approximately 40km north of the Mahakam River The Arni MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Arni for payments totaling $2,414,181 CAD. Terms of the payment include $84,215 CAD upon signing, $308,790 CAD within 6 months of signing the CSPA and the balance of $2,021,176 CAD after all the essential permits to bring the project into production are in place, or a maximum of 24 months from initial CSPA signing.
The target calorific value of coal is in this concession is around GCV 6,300 – 7,000 and 5,600 – 6,000 respectively.
Apriadi Bersaudara Coal Projects
Pt Apriadi Bersaudara (“Apriadi”) is holder of a KP PU (Mining Authorization for General Survey) covering an area of 930 hectares, which is currently being converted to IUP Exploration in the District of Samboja (AP1) and a SKIP (Exploration Permit Application) covering an area of 3,086 hectares in the District of Muara Kaman (AP2). The AP1 project is 10km from the coast and close to an independent haul road and port loading facilities which are under construction. The AP2 project is approximately 45km north of the Mahakam River and in close proximity to the Arni Bersaudara projects. The Apriadi MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Apriadi for payments totalling $2,077,318 CAD. Terms of the payment include $56,143 CAD upon signing of the CSPA , $112,287 CAD upon receiving IUP exploration permits for both projects, $224,575 CAD within 12 months of CSPA and the balance of $1,684,313 CAD due on the 24 month anniversary of the CSPA signing.
The target calorific value of coal ranging from 5000 GAD to 7000.
Putri Etam Coal Project
CV Putri Etam (“Putri”) is a private Indonesian company which is in the process of applying for an IUP Exploration and has successfully secured a Local Announcement letter from authorities. The application covers 100 hectares and is located in the Muara Badak district. The Putri MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Putri for payments totaling $84,215 CAD. Terms of the payment include $28,071 CAD upon signing and $56,144 CAD upon completion of the deed of shares transfer.
An additional agreement also provides that a royalty of US$4.50 be paid to the former Putri shareholders for every ton of coal produced and sold.
The target calorific value of coal in this concession is ranging from 5,600 – 7,000.
The press report says, a program of due diligence on all of the projects is to commence as soon as possible to verify the data provided and to confirm Challenger’s exploration target parameters.
Challenger’s execution of the CSPA’s to acquire these projects will depend upon the results of the initial due diligence program in respect of each. A more detailed technical description of the properties will be made available if and when a CSPA is signed.
“The signing of these latest MOU’s, reflects the culmination of many months of excellent work by our acquisition team”, stated Ranjeet Sundher, President of Challenger, as quoted in press release.
“We are very pleased with the execution to date of our plan to assemble and advance a strong portfolio of coal exploration and development projects in East Kalimantan. Our team remains focused on the exploration of our current projects and the acquisition of new projects.”
Visit Challender Deep website for more details.
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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
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