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