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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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- White Energy Company Limited
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- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
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- Parliament of New Zealand
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- Global Coal Blending Company Limited - Australia
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- Karbindo Abesyapradhi - Indoneisa
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- McConnell Dowell - Australia
- Wilmar Investment Holdings
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- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
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- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
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- TeaM Sual Corporation - Philippines
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- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Xindia Steels Limited - India
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- Chamber of Mines of South Africa
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- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
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- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Australian Coal Association
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- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
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- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
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- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
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- Cement Manufacturers Association - India
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- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
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- Electricity Authority, New Zealand
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- Jindal Steel & Power Ltd - India
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- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
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- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
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- New Zealand Coal & Carbon
- Planning Commission, India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
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