Chameleon Mining has acquired an initial 30% interest in a manganese project,NTT Manganese, currently owned by an Indonesian frim.
The company said after payment of A$3.5m, through its subsidiary, it will acquire 100% of NTT Manganese which has a 30% interest in PT Kupang Resources which, following a restructure, will indirectly hold 100% of the rights to manganese produced from the Kupang project.
The Kupang Project is located in West Timor, in the Indonesian province of Nusa Tenggara Timur, a region considered to be potential for high-grade Manganese ore.
Chameleon Mining will pay a further A$6.5m to increase its stake in the Kupang project to 55%.
It is now undertaking an extensive exploration program at the prospect and plans to commence production activities at the project.
Chameleon also announced plans to invest additional amount and acquire an additional 25% stake in the project in the future.