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