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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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Sunday, 08 March 09
AUSTRALIA'S FELIX STUDYING COAL ACQUISITIONS IN INDIA, INDONESIA
Bloomberg reported that, Felix Resources Ltd., an Australian supplier of coal to Korea and Japan, is studying acquisitions of energy coal assets in ...
Saturday, 07 March 09
THERMAL COAL PRICES MAY DROP, STANDARD CHARTERED SAYS
Bloomberg reported that, Coal prices may decline as a slump in demand for the fuel outpaces cuts in production, Standard Chartered Plc said.
Exp ...
Friday, 06 March 09
STRAITS ASIA EYES 3RD MINE
Straitstimes reported that, Mining company Straits Asia Resources is on an expansion trail to more than double its output by 2012.
Amid the econo ...
Friday, 06 March 09
INDONESIA MAY MISS 2009 COAL OUTPUT TARGET-OFFICIAL
Indonesia, the world's top thermal coal exporter, may fail to achieve its coal production target this year as the global economic crisis dents dema ...
Friday, 06 March 09
POWER FIRMS HEAD TO INDONESIA FOR COAL
The Hindu Businessline reported that, The enactment of a new, more liberal, mining legislation in Indonesia is drawing coal-starved Indian power uti ...
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- Krishnapatnam Port Company Ltd. - India
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- Orica Australia Pty. Ltd.
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- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
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- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
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- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
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- Intertek Mineral Services - Indonesia
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- Economic Council, Georgia
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- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
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- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
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- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
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- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
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- Planning Commission, India
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- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
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- Global Business Power Corporation, Philippines
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- Ministry of Transport, Egypt
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- Tata Chemicals Ltd - India
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- Australian Coal Association
- Metalloyd Limited - United Kingdom
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- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
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- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
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- LBH Netherlands Bv - Netherlands
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- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
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