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