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