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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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- Thiess Contractors Indonesia
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- Economic Council, Georgia
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- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
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- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
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- Energy Development Corp, Philippines
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- Petron Corporation, Philippines
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- Romanian Commodities Exchange
- The University of Queensland
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- Semirara Mining and Power Corporation, Philippines
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- Indian Oil Corporation Limited
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- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
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- Eastern Coal Council - USA
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- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
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- Toyota Tsusho Corporation, Japan
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- Global Business Power Corporation, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
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- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
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- GMR Energy Limited - India
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- SMC Global Power, Philippines
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- White Energy Company Limited
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- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
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- Mintek Dendrill Indonesia
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- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Electricity Authority, New Zealand
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- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
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- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
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- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Deloitte Consulting - India
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- Kalimantan Lumbung Energi - Indonesia
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- Trasteel International SA, Italy
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- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
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- The State Trading Corporation of India Ltd
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