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