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