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