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