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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, 18 February 10
COAL MINERS FACE SHUTDOWN OVER RECLAMATION FUNDING
Three coal mining companies may be forced to temporarily stop operations this year if they fail to provide funding for a site-reclamation program.
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Thursday, 18 February 10
DECOUPLING FROM OIL PRICES ON STRONG GLOBAL ENERGY DEMAND
A recent coal market conference in Singapore focused on two main issues –— the demand for coal as a source of energy, and coal pricing.& ...
Thursday, 18 February 10
INDONESIA TO INVITE BIDS FOR $1.5 BLN COAL RAILWAY IN MAY
Indonesia plans to invite investors to bid for contracts to build a $1.5 billion coal railway line in Central Kalimantan, a planning ministry offici ...
Thursday, 18 February 10
INDONESIA ZONING RULE THREATENS MINING - INDUSTRY
Reuters reported that, confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to ...
Wednesday, 17 February 10
LAND OVERLAPPING UNAVOIDABLE
Land overlapping issues in the mining industry is unavoidable due to the availability of mineral, coal, and oil resources which are often located be ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
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- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
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- GAC Shipping (India) Pvt Ltd
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- Trasteel International SA, Italy
- Economic Council, Georgia
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- White Energy Company Limited
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- MS Steel International - UAE
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- New Zealand Coal & Carbon
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- Planning Commission, India
- Australian Commodity Traders Exchange
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- Commonwealth Bank - Australia
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- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
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- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
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- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
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- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
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- SMG Consultants - Indonesia
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- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
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- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
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- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- The University of Queensland
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- Independent Power Producers Association of India
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- Bangladesh Power Developement Board
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- PNOC Exploration Corporation - Philippines
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