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