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