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