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