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