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