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