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