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