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