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