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