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