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