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