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