Robust receives fourth $6.3m payment for sale of Romang Island project
Tuesday, December 4 2012 - 01:40 AM WIB
Australia-listed Robust Resources Limited said that it has received A$6.3 million from P.T. Kilau Sumber Perkasa (PT KSP), a member company of the Salim Group. This payment brings the total amount received from PT KSP, to more than A$25 million and is the fourth cash instalment of an agreed five-instalment investment.
As announced in July 2011, under the sale agreement PT KSP agreed to acquire a 22.5 percent shareholding of P.T. Gemala Borneo Utama (PT GBU), the local Indonesian company which has the mining rights over Romang Island, in an investment totalling A$31,569,544.
?The Salim Group is one of Indonesia?s largest conglomerates with interests across an extensive range of industries including logistics, infrastructure, property and commodities. The continuing support of such a trusted and well-regarded Indonesian partner that has invested at both the project and company level is a strong endorsement of the Romang Island project,? Robust Resources Managing Director, Mr. Gary Lewis said in a statement received Tuesday.
?We have an extensive exploration and development program planned for calendar 2013, and are confident that we will continue to expand our precious and base metal resource bases as we continue to progress project development activities,? he added.
?With around $27 million in cash and receivables, Robust?s strong financial position gives us the financial flexibility to continue exploring and developing the Romang Island Project, while assessing other value-adding growth opportunities in Asia and other markets.
Current market conditions present some compelling opportunities and our cash position gives us the flexibility to expand our portfolio at the right point in the cycle,? Lewis ended.
Editing by Reiner Simanjuntak