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