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