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