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