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