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