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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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Tuesday, 07 July 09
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- Electricity Authority, New Zealand
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- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
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- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Australian Coal Association
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- Wilmar Investment Holdings
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- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
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- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
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- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
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- Bhoruka Overseas - Indonesia
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- The State Trading Corporation of India Ltd
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- CNBM International Corporation - China
- Rio Tinto Coal - Australia
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- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
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- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
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- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
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- European Bulk Services B.V. - Netherlands
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- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
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- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
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- SMG Consultants - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
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- Agrawal Coal Company - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
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- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
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- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- ICICI Bank Limited - India
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- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Planning Commission, India
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- Antam Resourcindo - Indonesia
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- New Zealand Coal & Carbon
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- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Thiess Contractors Indonesia
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- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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- Kepco SPC Power Corporation, Philippines
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- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Mjunction Services Limited - India
- PTC India Limited - India
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- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
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- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
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- GMR Energy Limited - India
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