Posted in | News | Iron Ore | Mining Business

Chameleon Mining Calls for Trading Halt

Chameleon Mining called for a trading halt one day after it struck a deal with Tony Sage's Cape Lambert Resources to help keep it afloat.

The company will get a $6.5 million credit facility from the publicly listed Cape Lambert Resources. The company had called the halt on the trading of Chameleon Mining shares to clarify a mystery notification of the appointment of receivers.

Writing a letter to the Australian Securities Exchange Chameleon Mining mentioned that it had not been in communication with International Litigation Partners Pte Ltd or ILP regarding the purported appointment of receivers to Chameleon which is chaired by rugby league great Benny Elias.

The Singapore based ILP is helping to fund Chameleon Mining's legal battle with Murchison Metals. The dispute involves ownership of several iron ore rich tenements in the Mid West region including the Jack Hills iron ore project.

Chameleon claims that the asset was purchased by Murchison Metals using Chameleon's funds several years ago. It is valuing the assets at around $1.5 billion. ILP has reportedly taken out a $20 million charge over Chameleon's assets.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Chai, Cameron. (2019, February 18). Chameleon Mining Calls for Trading Halt. AZoMining. Retrieved on January 27, 2022 from https://www.azomining.com/News.aspx?newsID=211.

  • MLA

    Chai, Cameron. "Chameleon Mining Calls for Trading Halt". AZoMining. 27 January 2022. <https://www.azomining.com/News.aspx?newsID=211>.

  • Chicago

    Chai, Cameron. "Chameleon Mining Calls for Trading Halt". AZoMining. https://www.azomining.com/News.aspx?newsID=211. (accessed January 27, 2022).

  • Harvard

    Chai, Cameron. 2019. Chameleon Mining Calls for Trading Halt. AZoMining, viewed 27 January 2022, https://www.azomining.com/News.aspx?newsID=211.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit