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