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