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