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