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