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