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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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- Thiess Contractors Indonesia
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- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
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- Eastern Energy - Thailand
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- Parliament of New Zealand
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- South Luzon Thermal Energy Corporation
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- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
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- Bangladesh Power Developement Board
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- Eastern Coal Council - USA
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- Bharathi Cement Corporation - India
- PTC India Limited - India
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- Global Coal Blending Company Limited - Australia
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- Ministry of Mines - Canada
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- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
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- Cement Manufacturers Association - India
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- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
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- Bhoruka Overseas - Indonesia
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- Jaiprakash Power Ventures ltd
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- Thai Mozambique Logistica
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- CNBM International Corporation - China
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- New Zealand Coal & Carbon
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- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
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- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
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- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
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