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