Review of Operations
In the six months to 31 December 2011, Robust reported its maiden resource estimate of 1.18 million gold equivalent ounces within the Lakuwahi Project Area on Romang Island and announced two significant corporate transactions.
Corporate Activity
In July 2011, the Company announced it had secured a strategic Indonesian partner, the Salim Group, to support the development of the Company's tenements on Romang Island. The Salim Group is one of Indonesia's largest diversified companies with interests in logistics, infrastructure, property and mining. Our partner intends to strengthen its presence in the Indonesian resource sector and Robust is seen as a key element of this strategy.
The Salim Group through its member company P.T. Kilau Sumber Perkasa ("PT KSP") will acquire a 22.5% shareholding in P.T. Gemala Borneo Utama ("PT GBU"), the wholly owned Indonesian subsidiary of Robust which owns the tenements over Romang Island. Under these agreements, the Salim Group will subscribe for shares in PT GBU in five equal instalments, the aggregate investment amount being $A31,569,544. Following the investment by Salim Group, Robust shareholders will retain a 77.5% interest in the Romang Island Project.
In a further demonstration of the Salim Group's support for Robust, the Salim Group has invested over $10,000,000 directly in the shares of Robust and as at 31 January 2012 the Salim Group owned 9.35% of the issued capital of the Company.
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