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