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