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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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- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
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- Antam Resourcindo - Indonesia
- The University of Queensland
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- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Mercuria Energy - Indonesia
- Central Electricity Authority - India
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- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
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- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
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- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
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- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
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- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
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- VISA Power Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
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- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
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- Georgia Ports Authority, United States
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- Ceylon Electricity Board - Sri Lanka
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