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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
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
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- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
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- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
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- Global Coal Blending Company Limited - Australia
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- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
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- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
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- Planning Commission, India
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- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
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- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
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- South Luzon Thermal Energy Corporation
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- The State Trading Corporation of India Ltd
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- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
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- Indian Energy Exchange, India
- Coal and Oil Company - UAE
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Australian Coal Association
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- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
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- VISA Power Limited - India
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- New Zealand Coal & Carbon
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- Parliament of New Zealand
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- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
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- Sojitz Corporation - Japan
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- PowerSource Philippines DevCo
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- Romanian Commodities Exchange
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- CNBM International Corporation - China
- The University of Queensland
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- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
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- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
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- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
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