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