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