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