Robust receives final payment for sale Romang project
Tuesday, February 12 2013 - 02:03 AM WIB
ASX-listed Robust Resources Limited said that it has received the final payment of $6.3 million from P.T. Kilau Sumber Perkasa (PT KSP), a member company of Robust?s strategic partner, the Salim Group.
With the payment, the total amount received from PT KSP is $31.5 million, meeting the requirement outlined in the agreement to acquire 22.5% of the Romang Island Project.
"The Board is pleased to have received the final payment under the agreed part sale of the Romang Island Project. Salim Group?s commitment to each stage of this investment, and the fact that the Group has separately acquired a 19.8% holding of Robust stock on-market, illustrates their intention to share in the value upside of the Romang Island Project. To have a partner investing at a project level and in the listed company is an important and differential factor for Robust and its shareholders," Robust?s Managing Director, Gary Lewis said.
"Something we have placed a great deal of emphasis on is finding a partner that brings to Robust the necessary commercial and political connections in Indonesia. Robust is very fortunate to have the support of the Salim Group as we progress development plans at the Romang Island Project."
The company has a strong cash position of around $25 million allowing Robust to fund its exploration and development activities through to feasibility stage, with a scoping study on the Project?s existing JORC resource due to be completed.
As announced in July 2011, under the sale agreement PT KSP agreed to acquire a 22.5% shareholding of PT. Gemala Borneo Utama (PT GBU), the local Indonesian company which has the mining rights over Romang Island, through a five stage investment totaling AUD $31,569,544.
Editing by Adianto P. Simamora