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