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