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