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