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