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