Robust completes acquisition of Andash gold, copper project

By Puspita Maylana Devi

ASX-listed Robust Resources Limited said on Tuesday that it has completed the acquisition of the Andash Mining Company in the Kyrgyz Republic for a total consideration of A$15 million.

Financing of the transaction came from existing cash reserves and from additional new funding through the successful close of the rights issue ($4.41m); the sale of 7 percent of the Romang Island Project for $2m to PT Kilau Sumber Perkasa (KSP); and through a $3m loan from Indonesian investment house PT. Lintang Sapta Lestari.

KSP is a member of the Indonesian Salim Group, the local partner of Robust in the Romang Island gold project.

Andash owns 80 percent of the Andash Copper-Gold project, which is located in the Central Asian Orogenic Belt, which hosts some world-class gold deposits, including Muruntau (110 Moz Au), Almalyk (80 Moz Au Eq) and Oyu Tolgoi (50 Moz Au Eq). The government of the Kyrgyz Republic will own the balance of the project. Robust?s Andash project has reserves of 539,730 ounces of gold in place and 63,486 tonnes of copper with significant exploration upside.

Editing by Reiner Simanjuntak