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