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