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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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- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
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- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
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- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
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- Commonwealth Bank - Australia
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- Eastern Coal Council - USA
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- South Luzon Thermal Energy Corporation
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- Planning Commission, India
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- Port Waratah Coal Services - Australia
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- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Australian Coal Association
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- Australian Commodity Traders Exchange
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- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
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- Kaltim Prima Coal - Indonesia
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- Coalindo Energy - Indonesia
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- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
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- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
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- Wilmar Investment Holdings
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- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
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- Formosa Plastics Group - Taiwan
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- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
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- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
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- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
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- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
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- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
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- Cement Manufacturers Association - India
- Sical Logistics Limited - India
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- Altura Mining Limited, Indonesia
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- Electricity Generating Authority of Thailand
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- Indonesian Coal Mining Association
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- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
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- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
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- Rashtriya Ispat Nigam Limited - India
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