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