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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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Thursday, 30 June 22
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- New Zealand Coal & Carbon
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- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
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- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- The University of Queensland
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
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- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
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- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
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- Antam Resourcindo - Indonesia
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- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
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- Central Java Power - Indonesia
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- Savvy Resources Ltd - HongKong
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- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
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- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
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- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
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- Makarim & Taira - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
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- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
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- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
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- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
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- India Bulls Power Limited - India
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- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
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- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
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- Indika Energy - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Xindia Steels Limited - India
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- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
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- Aboitiz Power Corporation - Philippines
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- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
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- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
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- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
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- Australian Commodity Traders Exchange
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- Thiess Contractors Indonesia
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- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- The Treasury - Australian Government
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- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
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- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
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- Goldman Sachs - Singapore
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- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
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