Chameleon acquires 30% shares Kupang project
Wednesday, April 18 2012 - 10:33 AM WIB
Australian-listed firm Chameleon Mining NL announced that it has acquired an initial 30 percent interest in a manganese project in Kupang, Nusa Tenggara Timur (NTT).
It said that following payment of A$3.5 million, the company, through a wholly owned subsidiary, has acquired 100 percent of NIT Manganese Pty Ltd (NTT) which holds a 30 percent interest in PT Kupang Resources which, following a restructure, will indirectly hold 100 percent of the rights to manganese produced from the Kupang Project.
?The acquisition of the initial 30% interest in the project signals stage one of an exciting new direction for Chameleon and the Board looks forward to the second stage of the Company?s investment and working towards bringing the project to production," Chameleon Chairman, Ben Elias, said.
It said that extensive exploration program and plans to commence production activities are underway at the project.
Editing by Adianto P. Simamora