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