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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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Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Vedanta Resources Plc - India
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- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
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- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
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- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
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- Ceylon Electricity Board - Sri Lanka
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- The University of Queensland
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- Georgia Ports Authority, United States
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- Parliament of New Zealand
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- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- ASAPP Information Group - India
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- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
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- CIMB Investment Bank - Malaysia
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- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
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- Sree Jayajothi Cements Limited - India
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- Commonwealth Bank - Australia
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- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
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- SMC Global Power, Philippines
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- Port Waratah Coal Services - Australia
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- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
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- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
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- Economic Council, Georgia
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- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
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- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
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- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
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- ICICI Bank Limited - India
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