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