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