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