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