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