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