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