Robust retracts statement on scoping study of Romang Mn project

By Ruli Setiawan

The Australia Stock Exchange (ASX) has required Robust Resources Ltd to retract portions of its April 16 announcement regarding the results of a scoping study on its Romang Manganese project on Romang Island, Maluku Province, which based on inferred mineral resources estimates concluded the viability of the project.

?Accordingly, the results on page 1 of such announcement and the accompanying table, the risks referred to on page 2, the table set out on page 4 and the contents of pages 5 and 6 (other than the Competent Person?s Statement) are retracted,? Robus said in a statement Tuesday.

?ASX is of the view that, under the JORC Code, Inferred Mineral Resource estimates are not a sufficient basis for a Scoping Study to provide the type of technical and economic parameters required to imply economic viability for investors to be able to interpret the results of a Scoping Study as demonstrating economic viability of a project,? the statement said.

Investors should note that for the company to establish economic viability of the project, the Company will need to establish sufficient Indicated Mineral Resources and further consider mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and government factors. As a result, some of the economic assumptions that are used in the Scoping Study may never be realized. Statements implying economic viability require a reasonable basis, otherwise they are taken to be misleading to shareholders,? it added.

Meanwhile, Robust said it was continuing work towards the completion of a feasibility study of the Romang Manganese project with a view to further defining, evaluating and developing the project to establish a sufficient indicated resource to justify production.

To see the copy of the April 16 announcement please click here.

Editing by Reiner Simanjuntak