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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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Friday, 29 May 20
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
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- GMR Energy Limited - India
- London Commodity Brokers - England
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- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
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- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
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- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
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- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
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- Ministry of Transport, Egypt
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- Global Coal Blending Company Limited - Australia
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- Deloitte Consulting - India
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- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Siam City Cement - Thailand
- Planning Commission, India
- White Energy Company Limited
- Thiess Contractors Indonesia
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- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
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- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
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- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
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- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- The University of Queensland
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
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- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Posco Energy - South Korea
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