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