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