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