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