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