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