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