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