Salim Group completes acquisition of Romang gold project

Australia-listed firm Robust Resources Limited said on Tuesday that it has signed definitive agreements with PT. Kilau Sumber Perkasa (KSP), a member company of the diversified conglomerate Salim Group, to acquire a strategic 22.5% shareholding in PT. Gemala Borneo Utama (GBU), Robust?s Indonesian company owning mining rights over the Romang island.

This transaction was first announced in February of this year.

As previously announced, under these agreements, KSP will subscribe for shares in GBU in five equal installments with total amounting to US$ 31,569,544.

In addition to their investment directly into the Romang Island Project, the Salim Group has also acquired 1.76 million shares in Robust Resources from Trafford Resources Limited for $3 million. This will take the total Salim Group investment in Robust and its associated companies to AUD $34.6 million.

Robust?s Managing Director Gary Lewis said: ?This transaction with PT KSP is a key milestone for Robust. Over the past six months we have worked together to not only finalize the terms of this transaction, but we are also pursuing options for early development of the Romang Island Project.

?The fact that the Salim Group has also invested directly in Robust Resources is very pleasing, as it confirms their support for the company and its future prospects.? (alex)