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