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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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Thursday, 16 July 09
JAPAN'S J - POWER STARTS OPS AT NEW 600 MW COAL UNIT
Reuters, a worlds leading news agency reported that, Electric Power Development Co (J-Power) said on Thursday it started commercial operations at it ...
Thursday, 16 July 09
DELIVERY OF COAL MINE EXPLORATION THROUGH NEWCASTLE PORT ROSE 11 PERCENT
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Thursday, 16 July 09
CIL KEEN ON JOINT VENTURES
* Targets to raise production by 10 m tonnes by 2012
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The Hindu, an Indian news paper reported that, t ...
Wednesday, 15 July 09
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Wednesday, 15 July 09
BANGLADESH TO IMPORT COAL FROM INDIA FOR 1 MORE YR
Bangladesh has decided to import coal from neighbour India for another year to save foreign exchange and time, a commerce ministry official said on ...
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- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
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- Directorate General of MIneral and Coal - Indonesia
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- Vedanta Resources Plc - India
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- Goldman Sachs - Singapore
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- Australian Coal Association
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- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
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- Georgia Ports Authority, United States
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- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
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- Larsen & Toubro Limited - India
- CNBM International Corporation - China
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- Independent Power Producers Association of India
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- Economic Council, Georgia
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- Global Green Power PLC Corporation, Philippines
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- Indonesian Coal Mining Association
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- Planning Commission, India
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- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
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- Banpu Public Company Limited - Thailand
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- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
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- White Energy Company Limited
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- Videocon Industries ltd - India
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- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
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- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
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- Energy Development Corp, Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
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- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
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- IEA Clean Coal Centre - UK
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- Makarim & Taira - Indonesia
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- Chamber of Mines of South Africa
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- Ministry of Mines - Canada
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- Eastern Energy - Thailand
- India Bulls Power Limited - India
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- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
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