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