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