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