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