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