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