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