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