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