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