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