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