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