NTT acquires further 25% shares in Kupang project
Wednesday, July 25 2012 - 02:35 AM WIB
Australian resources company, Kupang Resources Limited through its wholly owned subsidiary NTT Manganese Pty Ltd (NTT) has acquired a further 25 percent interest in Kupang Project located in Kupang, Nusa Tenggara Timur.
With such deal with the payment of A$6.5 million, the NTT will hold 55 percent interest in Kupang Project which is located 6 km by road from the planned processing area and only 16 km by road from the port facilities of Kupang.
?The acquisition of a 55% interest in the project through this further investment signifies the Company?s commitment to and confidence in the project and desire to bring the project to production as soon as possible.? Kupang Director Mr Tony Sage, said in the statement.
Editing by Adianto P. Simamora