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