Robust majority shareholder in Romang project

By Peni Pedriawan

Australia-listed firm Robust Resources Limited (Robust) confirmed that the company has direct majority shareholders controlling 77.5 percent share on its Indonesia subsidiary of PT Gemala Borneo Utama (GBU) which has mining license on precious and polymetallic project on Romang Island, in the eastern part of Indonesia.

It said that the remaining 22.5 percent of GBU is owned by Salim Group which is through one of its subsidiaries Droxford International Limited, is also Robust?s largest shareholder with an 18.65% direct interest in the company.

PT GBU holds title to 5 Mining Business Licenses (IUPs) with total approximately 10,000 hectares and cover all geologically prospective areas on Romang Island. The IUPs have secured ?clean and clear? status.

The directors of Robust Resources are confident that the company?s ownership status of its Indonesian mineral tenements is very solid.

?Robust has made a considerable investment to ensure that the ownership status of its mining licenses is solid. We are very confident of the ownership status of our projects,? Robust?s Managing Director Gary Lewis added:

?We are also pleased to confirm that exploration and development activity is continuing on Romang Island and we expect to update shareholders in the coming weeks on our progress in this regard.?

Editing by Adianto P. Simamora