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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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- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
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- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
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- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
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- ICICI Bank Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
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- Gujarat Sidhee Cement - India
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- Essar Steel Hazira Ltd - India
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- Ministry of Mines - Canada
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- Minerals Council of Australia
- Planning Commission, India
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- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
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- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
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- Siam City Cement PLC, Thailand
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- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
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- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
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- GN Power Mariveles Coal Plant, Philippines
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- Bulk Trading Sa - Switzerland
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- Posco Energy - South Korea
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- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
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- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
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- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
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- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
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- Kapuas Tunggal Persada - Indonesia
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- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
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- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
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- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
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- Independent Power Producers Association of India
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