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