AGRI has entered into a conditional agreement to acquire the stake, which is currently owned by the Platinum funds, which are in receivership and liquidation.
Cokal chairman Domenic Martino said the agreement was a significant milestone in the development of the BBM mine.
"[It brings] a strong substantial shareholder with industry experience on board and augurs well for the early development of production at the BBM minesite," he said.
AGRI has advised that its interest in Cokal is not limited to the purchase of shares in the company.
"AGRI will bring its expertise to Cokal in the development of its BBM project through AGRI's principal's experience in operating remote coal mines in Indonesia," Cokal said.
"AGRI has also advised that it is its intention to assist Cokal in arranging the necessary financing facilities for its capital expenditure on the BBM project, subject to acceptable terms.
"AGRI is in the process of completing its due diligence on the BBM mine and quality as well as the logistics chain and legal requirements for this. This is a work in progress and no binding agreements in respect of financing facilities have been reached yet."
The AGRI agreement is conditional on AGRI, with the consent of the Cokal board, being able to nominate two directors to the board of Cokal and its Indonesian subsidiaries.
"The board of Cokal has advised AGRI in writing that it consents to these board appointments, subject to AGRI acquiring the said substantial interest," it said.
Cokal shares jumped 6.5% yesterday to A4.9c, valuing the company at $36.8 million.
