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