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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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Friday, 06 September 24
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- Ministry of Transport, Egypt
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- Carbofer General Trading SA - India
- Australian Coal Association
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
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- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
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- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
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- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
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- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
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- Banpu Public Company Limited - Thailand
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- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
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- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
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- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
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- Aditya Birla Group - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
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- Economic Council, Georgia
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- Orica Mining Services - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
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- Romanian Commodities Exchange
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- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
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- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
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- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
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- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
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