finally

I have been trying to get through to CHM for 1month to ask how big Kupang is estimated to be

Not heard back but the Australian seems to have had more luck - see below

If it does end up getting >$1.5m / month = $18m/year the shares should have a nice rerating.

I am still not happy with the shareholder service though

Rumot

MINING & ENERGY
Chameleon is considering a name change to Kupang Resources
BY: REBECCA URBAN From: The Australian April 27, 2012 12:00AM
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MINING: Serial litigant Chameleon Mining is close to earning an income as a miner, with a $10 million investment in an Indonesian manganese project expected to generate cashflow from early next year.

The company, which has been awarded more than $30m in various court settlements, is considering a name change to Kupang Resources, according to documents lodged with the Australian Securities Exchange, reflecting its recent acquisition of an interest in the West Timor-based operation, known as the Kupang project.

Chameleon, which is partly owned by Cape Lambert Resources, acquired its initial 30 per cent interest in the Kupang project through its purchase of NTT Manganese for $3.5m earlier this month. It has the potential to increase its stake to 55 per cent by investing a further $6.5m towards infrastructure, including a processing plant, roads and upgrading the nearby port.

The project marks a significant turning point for Chameleon, which is better known for its courtroom battles than any mining operations.


After collapsing in 2004, the company relisted on the ASX in 2007 to launch legal proceedings against mid-tier miner Murchison Metals and several former directors, claiming rights over its Jack Hill and Weld Range projects.

Chameleon settled its claim against former director Greg Barnes for $6m in 2009 and settled the Murchison dispute for $25m last year.

According to Chameleon chief executive Tony Sage, the newly acquired Kupang project should be in production by January, with the capacity for production of 10,000 tonnes of manganese a month. He said conservative estimates had the project generating about $3m a month, of which more than half would flow back to Chameleon.

"It's a very, very small project by Cape Lambert's standards but when the opportunity arose for us to purchase an interest, it was clear that it really needed a company with cash," Mr Sage said, referring to Chameleon's financial position.

Shareholders are being asked to vote on the name change alongside a one-for-three consolidation of shares, the second such consolidation proposed in less than six months.

In December the company's 1.9 billion shares on issue were reduced to 484.5 million. This latest consolidation will see shares further reduced to 178.9 million. Shareholders are also being asked to ratify the recent issue of 40 million shares to Cape Lambert.

Chameleon chairman Ben Elias said the company was on the verge of an exciting chapter.

"The name Chameleon has probably been stuck to litigation with Murchison for five or so years now," Mr Elias said. "But this is a whole new mining company, with a new board, so I suppose the name change is for the benefit of the new business."

Australian Securities & Investments Commission filings reveal the most recent owners of NTT Manganese to be PT Global Networks International and Nusa Manganese, which is solely owned by Luke Connor, a top-20 investor in the listed Dourado Resources alongside Cape Lambert.

Mr Connor is a former director of Central Energy, which is owned by the listed Eclipse Uranium, and remains a director of Contour Resources.

A meeting is scheduled for May 25.