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