Robust Resources Limited ('Robust' or 'the Company') provides the following update in relation to the recently announced Indonesian Government Regulation No. 24 of 2012, regarding foreign ownership of mining projects. It is noted that the Indonesian press is giving focus to certain foreign owned mining enterprises that do not have any direct Indonesian ownership, which is not the case with Robust.
Robust advises that, having recently converted its Indonesian incorporated operating entities to PMA (foreign investor company); and taken on a strategic Indonesian investor in Salim Group company PT Kilau Sumber Perkasa ("PT KSP"), the Company's Romang Island project is already compliant with divestiture requirements under Mining Law 4/2009 and does not expect to have to undertake any further divestment under the new regulations.
The Company will continue to take advice and to monitor the situation with its local partner, who currently owns 22.4% of the Indonesian incorporated subsidiary that holds the Romang Island project in addition to 9.35% of Robust.
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