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