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