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