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