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