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