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