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