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