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