1 cup sugar
1/4 cup water
2 Tbs light agave syrup
3/4 cup coconut milk (not lite)
4 Tbs vegan margarine
1 1/2 tsp course gray sea salt, crushed

In a medium saucepan, combine the sugar, water and agave syrup and bring to a boil. Using a wet pastry brush, wash down any crystals on the side of the pan. Boil over high heat until a deep amber caramel forms, about 6 minutes. Remove the saucepan from heat and carefully whisk in the coconut milk, margarine and salt. Let the caramel cool to room temperature.

Update: I tested the recipe and it turned out great, though I substituted Vegan Sweetened Condensed Milk (see post from May 17th) for coconut milk.