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