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