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