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