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