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