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