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