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