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