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