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