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