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