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