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