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