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