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