Chameleon to Acquire 55 Percent of Kupang Manganese Project

MarketWatch reported that Chameleon Mining (ASX:CHM) will acquire a 55 percent interest in the Indonesian Kupang manganese project.

As quoted in the market news:

Under the terms of the agreement, Chameleon would acquire 100% of NTT Manganese, which holds a 30% interest in PT Kupang Resources, for A$3.5-million in cash. Following a restructure, PT Kupang Resources would indirectly hold 100% of the rights to the manganese produced at the Kupang project.

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