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