Salim Group increases shareholding in Robust Resources

By Alexander Ginting

Australian-listed firm Robust Resources Limited said that Droxford International Limited, a company controlled by Indonesia?s Salim Group, had acquired a further 5.3 million ordinary shares in Robust from Trafford Resources Limited at a price of $1.40 per share.

The company said on Tuesday that with the acquirement, Droxford now controlled 8.172 million shares in Robust and became the company?s second largest shareholder with a 9.35% shareholding.

?The Salim Group?s continuing i?vestment in Robust, in addition to their 22.5% shareholding in our local Indonesian subsidiary PT GBU, is a solid vote of confidence in the company?s flagship Romang Island Project and our future prospects especially following the announcement of our maiden JORC resource of 1.18 million gold equivalent ounces," Robust?s Managing Director Gary Lewis said.

?As previously reported, having a partner such as the Salim Group gives us the additional skills, in-country experience, government relationships, and understanding of Indonesian business environment to take Romang Island through to development. As we now enter the project development phase on Romang, these skills become invaluable," he said, adding that exploration on Romang Island is ongoing, and increasing the JORC mineral resources will be a priority for the company along with project development activities, which have now commenced.

?Our drilling programme in 2012 is forecast to be the most active in Robust?s history and we have committed $15 million to exploration and development on Romang Island. As we have reported, there is strong evidence that the targets that we have drilled thus far represent just a small part of a much larger mineralisation system within the Lakuwahi Project and that the mineralised zones tested so far remain largely open and highly prospective for further extensions and discoveries," he said. (*)

Editing by Benget Besalicto Tnb.