Cokal Limited announced the signing of a non-binding Heads of Agreement (HOA) with An PhatLoc General Trading Co. Ltd. (An PhatLoc) from Nam Dinh Province of Vietnam to jointly develop shallow draft barging on the Barito River to transport metallurgical coal directly from the PT Bumi Barito Minerals (BBM) project area. Cokal's CEO and two senior Cokal mining experts visited An PhatLoc in Vietnam in late December, to inspect a four barge tow in operation on the Red River in Vietnam. All barges and the push boat were built by An PhatLoc and are now operated by its logistics company. Cokal's team was impressed with the quality of the barges produced by An PhatLoc and confident that they can be relied upon to transport BBM coal from its mine adjacent to the Barito River. An PhatLoc sent a team in early January to inspect the upper part of the Barito River adjacent and downstream from the BBM project. Following their site inspection at BBM, the An PhatLoc team met with Cokal's team in Jakarta and signed a Confidentiality and Non Circumvention Agreement.