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