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