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