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