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