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