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