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