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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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Saturday, 07 May 11
BERAU INKS DEALS WITH CHINESE FIRMS AS COAL WEATHERS COMMODITIES STORM - THE JAKARTA GLOBE
The Jakarta Globe reported that, Berau Coal, one of the country’s largest coal miners, has signed sales contracts with two Chinese companies a ...
Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
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- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
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- Maheswari Brothers Coal Limited - India
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- Australian Coal Association
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- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
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- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
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- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
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- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
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- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
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- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
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- GMR Energy Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Planning Commission, India
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- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
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- IEA Clean Coal Centre - UK
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- Bukit Asam (Persero) Tbk - Indonesia
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- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
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- MS Steel International - UAE
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
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- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
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- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
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- Romanian Commodities Exchange
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- White Energy Company Limited
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- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
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- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
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- Marubeni Corporation - India
- Baramulti Group, Indonesia
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- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
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- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
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