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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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Monday, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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- Ministry of Transport, Egypt
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- PNOC Exploration Corporation - Philippines
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- Posco Energy - South Korea
- Australian Coal Association
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- Agrawal Coal Company - India
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- Straits Asia Resources Limited - Singapore
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- Coal and Oil Company - UAE
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- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
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- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
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- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
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- Iligan Light & Power Inc, Philippines
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- India Bulls Power Limited - India
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- Medco Energi Mining Internasional
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- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
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- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
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- Petron Corporation, Philippines
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- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
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- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
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- Vedanta Resources Plc - India
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- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
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- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- The University of Queensland
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- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
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- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
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- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
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- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
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