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