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