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