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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 and Power Corporation, Philippines
- Chamber of Mines of South Africa
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- Australian Commodity Traders Exchange
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- McConnell Dowell - Australia
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- Commonwealth Bank - Australia
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- Aboitiz Power Corporation - Philippines
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- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
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- Kepco SPC Power Corporation, Philippines
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- PowerSource Philippines DevCo
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- Eastern Coal Council - USA
- Wilmar Investment Holdings
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- Mercuria Energy - Indonesia
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- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
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- South Luzon Thermal Energy Corporation
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
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- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Indonesian Coal Mining Association
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- Mercator Lines Limited - India
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- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
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- Ministry of Transport, Egypt
- Planning Commission, India
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- SMC Global Power, Philippines
- Latin American Coal - Colombia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
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- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
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- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
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- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
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- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
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- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
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- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
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- Vijayanagar Sugar Pvt Ltd - India
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- Attock Cement Pakistan Limited
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- Directorate General of MIneral and Coal - Indonesia
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- The University of Queensland
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