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