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