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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, 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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- Standard Chartered Bank - UAE
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- Global Business Power Corporation, Philippines
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- Leighton Contractors Pty Ltd - Australia
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- Eastern Coal Council - USA
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- Dalmia Cement Bharat India
- The University of Queensland
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- Commonwealth Bank - Australia
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- Tata Chemicals Ltd - India
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- Posco Energy - South Korea
- White Energy Company Limited
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- MS Steel International - UAE
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- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
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- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
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- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Parliament of New Zealand
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- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
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- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
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- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
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- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
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- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
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- Kobexindo Tractors - Indoneisa
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- Kumho Petrochemical, South Korea
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
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- OPG Power Generation Pvt Ltd - India
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- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
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