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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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Tuesday, 11 December 18
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- Australian Commodity Traders Exchange
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- South Luzon Thermal Energy Corporation
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- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
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- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
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- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
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- Thiess Contractors Indonesia
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- Bhoruka Overseas - Indonesia
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- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Parliament of New Zealand
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
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- Heidelberg Cement - Germany
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- Eastern Coal Council - USA
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Ministry of Finance - Indonesia
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- Economic Council, Georgia
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- Ambuja Cements Ltd - India
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- GN Power Mariveles Coal Plant, Philippines
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- Ministry of Mines - Canada
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- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
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- Metalloyd Limited - United Kingdom
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- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
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- India Bulls Power Limited - India
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- Romanian Commodities Exchange
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
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- Bukit Asam (Persero) Tbk - Indonesia
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- ICICI Bank Limited - India
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- Karaikal Port Pvt Ltd - India
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- Altura Mining Limited, Indonesia
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- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
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- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
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- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
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- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
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