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