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