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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$4.50 be paid to the former Putri shareholders for every ton of coal produced and sold.
The target calorific value of coal in this concession is ranging from 5,600 – 7,000.
The press report says, a program of due diligence on all of the projects is to commence as soon as possible to verify the data provided and to confirm Challenger’s exploration target parameters.
Challenger’s execution of the CSPA’s to acquire these projects will depend upon the results of the initial due diligence program in respect of each. A more detailed technical description of the properties will be made available if and when a CSPA is signed.
“The signing of these latest MOU’s, reflects the culmination of many months of excellent work by our acquisition team”, stated Ranjeet Sundher, President of Challenger, as quoted in press release.
“We are very pleased with the execution to date of our plan to assemble and advance a strong portfolio of coal exploration and development projects in East Kalimantan. Our team remains focused on the exploration of our current projects and the acquisition of new projects.”
Visit Challender Deep website for more details.
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Monday, 15 February 10
INDONESIA IN TALKS TO RESOLVE BANPU MINE CLOSURE
Indonesia is seeking to resolve a land permiting problem resulting in the closure of a coal mine in Kalimantan operated by a unit of Thailand's top ...
Monday, 15 February 10
PVT ENTRY IN COAL MINING TO BE DELAYED
Entry of private players in coal mining will be delayed. Contrary to expectations, the coal ministry will not move in the Budget session a bill that ...
Sunday, 14 February 10
NEWCASTLE STEAM COAL TRADES AT US$ 91 TO US$ 92
Reuters reported that prompt cargo prices for coal delivered into Europe were largely unchanged recently after a day of subdued trading.
European ...
Saturday, 13 February 10
THE FREIGHT MARKET CONTINUED TO BE WEAK THIS WEEK - CAPT. REDDY
COALspot.com (Singapore): The freight market continued to be weak this week. There have been quite a few spot vessels open Far east and have been fo ...
Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
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- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
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- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
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- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
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- Port Waratah Coal Services - Australia
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- Commonwealth Bank - Australia
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- New Zealand Coal & Carbon
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- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
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- Romanian Commodities Exchange
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- Billiton Holdings Pty Ltd - Australia
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- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
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- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
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- Ministry of Mines - Canada
- GMR Energy Limited - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
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- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
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- PTC India Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
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- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- VISA Power Limited - India
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- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
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- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
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- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
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