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