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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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- Planning Commission, India
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- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Parliament of New Zealand
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- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
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- Commonwealth Bank - Australia
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- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
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- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Minerals Council of Australia
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- Coal and Oil Company - UAE
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- Africa Commodities Group - South Africa
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- Standard Chartered Bank - UAE
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- Power Finance Corporation Ltd., India
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- European Bulk Services B.V. - Netherlands
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- The University of Queensland
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
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- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
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- Global Business Power Corporation, Philippines
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- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
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- Australian Commodity Traders Exchange
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
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- The Treasury - Australian Government
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- Trasteel International SA, Italy
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
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- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
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- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
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- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
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- Mjunction Services Limited - India
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- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
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- New Zealand Coal & Carbon
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- GN Power Mariveles Coal Plant, Philippines
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- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
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- Interocean Group of Companies - India
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