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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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- Jaiprakash Power Ventures ltd
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- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
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- Wilmar Investment Holdings
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
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- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Commonwealth Bank - Australia
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- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
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- Interocean Group of Companies - India
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- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
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- Economic Council, Georgia
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- The State Trading Corporation of India Ltd
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- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
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- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
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- Mintek Dendrill Indonesia
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- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
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- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
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- Merrill Lynch Commodities Europe
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- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
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- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
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- Chettinad Cement Corporation Ltd - India
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- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
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- ASAPP Information Group - India
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- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
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- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
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- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
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- Leighton Contractors Pty Ltd - Australia
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