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