PERTH (miningweekly.com) − ASX-listed explorer Robust Resources has entered into a joint-venture agreement with PT Kilau Sumber Perkasa, which would acquire a 22,5% interest in Robust’s Indonesian subsidiary for A$30,7-million.
PT Gemala Borneo Utama owns the mining rights to the Romang Island project, where Robust was exploring with the aim of declaring a maiden gold and silver resource during this year.
MD Gary Lewis said on Tuesday that this was a transformational partnership for Robust, adding that the company was delighted to have attracted a well-regarded and highly experienced partner.
“We have been working for 12 months to identify and secure a strong Indonesian partner that has the experience, an understanding of domestic politics and bureaucracy, and the skills to help us take the Romang Island project through to successful development,” said Lewis.
He noted that as well as attracting a strong partner, the transaction also meant that the consolidated group would, on final settlement, have more than $60-million in cash, which would give it the necessary funding to take the Romang Island project through to the feasibility and development phases.
“This is an excellent outcome for our shareholders, as the company is unlikely to require additional capital to fund this ongoing exploration programme on Romang Island,” Lewis added.