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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, 04 February 10
COAL PRODUCTION EXPECTED TO REACH 280 MILLION METRIC TONS - INDONESIA UPDATE
Indonesia`s coal production target for 2010 has been set at 275 million to 280 million metric tons, according to the Association of Indonesian Coal ...
Thursday, 04 February 10
MASSEY CEO 'NOT EXCITED' ABOUT PROSPECT OF QUARTERLY COAL PRICING
US coal producer Massey Energy is not in favour of switching to a quarterly pricing schedule for metallurgical coal, from the current annual price b ...
Thursday, 04 February 10
BUKIT ASAM GOES SHOPPING FOR MORE COAL MINES
State-owned coal miner PT Tambang Batubara Bukit Asam has set aside Rp 1.5 trillion ($162 million) to acquire two coal mines in East Kalimantan, pre ...
Thursday, 04 February 10
PTT EYES OVERSEAS COAL
Revenue could reachUS$600 million a year
PTT Plc, Thailand's largest energy company, aims to raise the annual revenue from its overseas coal bus ...
Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
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- The State Trading Corporation of India Ltd
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- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
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- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
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- IHS Mccloskey Coal Group - USA
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- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
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- Metalloyd Limited - United Kingdom
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- Independent Power Producers Association of India
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- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
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- India Bulls Power Limited - India
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- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
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- Sical Logistics Limited - India
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- Makarim & Taira - Indonesia
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- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
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- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
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- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
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- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
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- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
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- Eastern Coal Council - USA
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- Kumho Petrochemical, South Korea
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- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
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- The University of Queensland
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- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
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- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Economic Council, Georgia
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- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
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