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