coal in indonesia

Does anyone know whether CEO got any progress with Indonesian coal. From what I got from Indonesian news, CEO is interested in high-quality coal mines in Kalimantan ....

Thanks,
Cheers

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Articles dated two months ago ...

http://en.indonesiafinancetoday.com/read/4872/CLimited-Acquires-Coal-Mines-in-Kalimantan
Coal | Friday, 29 04 2011

JAKARTA (IFT) - C@ Limited (CEO), an optical frames and lenses manufacturer listed in the Australian Stock Exchange, is preparing to acquire high-quality coal mines in Kalimantan. In the early stages of the negotiation, the company a memorandum of agreement with PT Ethica Trada Cemerlang, a trading company in Banjarmasin, to represent the company in search of metallurgical coal assets and high-quality thermal coal projects.

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http://www.proactiveinvestors.com.au/companies/news/15820/c-limited-enters-agreement-with-aim-to-acquire-indonesian-coal-assets-15820.html

C @ Limited enters agreement with aim to acquire Indonesian coal assets - Thursday, April 28, 2011

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.