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