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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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- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
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- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
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- Commonwealth Bank - Australia
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- Indonesian Coal Mining Association
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- Malabar Cements Ltd - India
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- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
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- PTC India Limited - India
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- The University of Queensland
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
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- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
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- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
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- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
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- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
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- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
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- Mjunction Services Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
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- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
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- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
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- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
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- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- ASAPP Information Group - India
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- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
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- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
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- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
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- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
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