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