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