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