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