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