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