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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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Tuesday, 25 August 09
INDIAN FIRM TO INVEST $44 MN IN INDONESIA
Economic Times - India Times reported that, BEML Limited, India-based second largest heavy equipment producer in Asia, will invest $44 million in In ...
Tuesday, 25 August 09
BHARAT LOOKS TO BULLDOZE RIVALS WITH LOWER PRICES
The Jakarta Globe reported that, The country’s two established heavy equipment suppliers now have a competitor in the form of Indian firm Bhar ...
Tuesday, 25 August 09
PIKE RIVER DELAYS COAL EXPORTS FROM NEW ZEALAND MINE
South African mining Weekly reported that, The first 60,000-t export shipment from ASX-listed Pike River Coal’s new mine has been delayed unti ...
Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brok ...
Monday, 24 August 09
10,000 MW TO BE GENERATED THROUGH THAR COAL RESERVES BY 2020
Four projects of 2450 MW approved; govt to invest Rs80bn in five years on infrastructure
The News Pakistan reported that, The Thar Coal a ...
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- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
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- Semirara Mining and Power Corporation, Philippines
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- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
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- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
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- Petron Corporation, Philippines
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- Chamber of Mines of South Africa
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- Australian Coal Association
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- Antam Resourcindo - Indonesia
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- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
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- Price Waterhouse Coopers - Russia
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- Economic Council, Georgia
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- Wilmar Investment Holdings
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- Grasim Industreis Ltd - India
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- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
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- Orica Australia Pty. Ltd.
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- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
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- MS Steel International - UAE
- Central Electricity Authority - India
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- IHS Mccloskey Coal Group - USA
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- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- The Treasury - Australian Government
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- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
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- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
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- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
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- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
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- Power Finance Corporation Ltd., India
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- Tamil Nadu electricity Board
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- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
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- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
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- Minerals Council of Australia
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- Semirara Mining Corp, Philippines
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- ASAPP Information Group - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
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- Indian Oil Corporation Limited
- Sical Logistics Limited - India
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- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
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- Parliament of New Zealand
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