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