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