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