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