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C @ Limited enters agreement with aim to acquire Indonesian coal assets


Perth-based C @ Limited (ASX: CEO) has entered into an agreement with PT Ethica Trada Cermelang (Ethica) to secure in‐country representation in Indonesia in order to acquire and develop high quality coal assets.

C @ Limited is currently engaged in supplying wholesale optical frames and lenses to opticians. During 2010 it announced that it would search for opportunities in the coal resources sector.

The agreement with the leading Indonesian coal advisor will accelerate C @ Limited's project identification and review process and provide a strategic partner in Indonesia that brings along the expertise, capabilities and local support.

C @ Limited said it is encouraged that a pipeline of potential projects is available, even in a relatively well established and developed coal market such as Indonesia.

The agreement is for a period of six months, with a further six month option available at C @ Limited’s election. During this time the company will reimburse Ethica for expenditure related to these activities.

There will be a success‐based equity fee. Upon identifying a suitable Indonesian coal opportunity, an unincorporated joint venture will be established with Ethica to acquire the project assets.

C @ Limited will retain the majority interest in the joint venture projects. Ethica will also have the opportunity to acquire an additional minority contributing interest in the joint venture.

Mark Earley, C @ Limited managing director, said "The company is on track with its investment strategy in both Mongolia and Indonesia, two countries identified for their prospective coking and thermal coal project opportunities, having recently secured a number of significant licenses in Mongolia under a similar model.”

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