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