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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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- Energy Link Ltd, New Zealand
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- Australian Coal Association
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
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- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
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- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
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- New Zealand Coal & Carbon
- Bhatia International Limited - India
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- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
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- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
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- Bangladesh Power Developement Board
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- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
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- Asmin Koalindo Tuhup - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
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- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
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- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
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- Sree Jayajothi Cements Limited - India
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- CNBM International Corporation - China
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- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
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- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
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- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
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- Agrawal Coal Company - India
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- Petron Corporation, Philippines
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- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
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- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
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- Bukit Asam (Persero) Tbk - Indonesia
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- Siam City Cement - Thailand
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