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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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Friday, 14 February 20
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- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
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- Wilmar Investment Holdings
- Mercator Lines Limited - India
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- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
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- Latin American Coal - Colombia
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- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
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- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
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- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
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- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
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- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
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- Central Java Power - Indonesia
- Georgia Ports Authority, United States
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- Goldman Sachs - Singapore
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- AsiaOL BioFuels Corp., Philippines
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Independent Power Producers Association of India
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- Economic Council, Georgia
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- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
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- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
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- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
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- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
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- Indian Oil Corporation Limited
- The University of Queensland
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- Parry Sugars Refinery, India
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- Coal and Oil Company - UAE
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