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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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Wednesday, 05 August 09
PEOPLE'S MINING SHOULD BE REGULATED UNDER RPP MINERBA
The Indonesian Institute of Science (LIPI) has called on the government to include a specific provision for people’s mining in the draft govern ...
Tuesday, 04 August 09
SRI LANKA IS LOOKING FOR 650,000 TON OF COAL NEXT YEAR FOR ITS FIRST 900 MW POWER PLANT.
COALspot.com ( Sri Lanka) : Lanka Coal Company Limited was issued a tender on 23 July 2009 to purchase 650,000 +/- 20% MT Bituminous Coal per a ...
Monday, 03 August 09
ONE YEAR CHARTER RATES FOR SUPRAMAX WAS AT AROUND USD 18,500 - VISTAAR SINGAPORE
COALspot.com (Singapore) : The freight market was flat this week with hardly any change in the BDI.The cape was up by about 4 pct and closed at 5,38 ...
Saturday, 01 August 09
APGENCO SAYS BOUGHT 500,000T MALAYSIAN COAL
The Malaysian Insider reported that, Indian state utility Andhra Pradesh Power Generation Corporation Ltd (Apgenco) has bought 500,000 tonnes of Mal ...
Thursday, 30 July 09
KOMIPO OFFERED 3 MILLION MT IN TENDER, TEN TIMES OVERSUBSCRIBED
Korea Midland has received offers for 3 million mt of bituminous steam coal in its latest tender despite the power utility seeking only 300,000 mt, ...
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- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
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- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Australian Coal Association
- Parliament of New Zealand
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- Ministry of Mines - Canada
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- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
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- Chamber of Mines of South Africa
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- Wood Mackenzie - Singapore
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- Indian Energy Exchange, India
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- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
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- Coal and Oil Company - UAE
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- TeaM Sual Corporation - Philippines
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- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
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- Electricity Authority, New Zealand
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- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
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- Central Electricity Authority - India
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- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
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- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
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- Alfred C Toepfer International GmbH - Germany
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
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- The University of Queensland
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- London Commodity Brokers - England
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- Jorong Barutama Greston.PT - Indonesia
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- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
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- Petron Corporation, Philippines
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- Kumho Petrochemical, South Korea
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- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
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- PTC India Limited - India
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- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Aditya Birla Group - India
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- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
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- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
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- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
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