Murchison reaches settlement with Chameleon on legal proceedings

The Australian iron ore exploration company Murchison Metals Ltd (Murchison) has announced that it has reached an agreement with Australia's Chameleon Mining NL (Chameleon) regarding the settlement of federal court proceedings.
 
The litigation process was commenced by Chameleon against Murchison, Crosslands Resources Ltd and Jack Hills Holdings Pty Ltd, with Chameleon claiming that it is was entitled to an interest in the Jack Hills iron ore mine in the mid-west region of Western Australia.
 
According to Murchison's statement, Murchison will pay Chameleon a non-refundable payment of A$5 million by December 29, with another A$20 million is to be paid subject to and conditional on the completion of the proposed sale of Murchison's interests in Crosslands and the Oakajee Port & Rail projects to Mitsubishi Development Pty Ltd for A$325 million.