Robust goes ahead with Andash purchase
PERTH (miningweekly.com) – ASX-listed Robust Resources on Tuesday announced that it was moving ahead with its acquisition of fellow-listed gold miner Kentor Gold’s Andash copper/gold project, in the Kyrgyz Republic.
Robust told shareholders that legal and technical due diligence work had confirmed that the project was technically sound and economically robust, and was in line with the company’s strategy of building an Asia-focused portfolio of precious metals projects.
“We are delighted to confirm our decision to move forward on the acquisition of what is a significant, advanced and low-cost gold/copper project,” said Robust MD Gary Lewis.
“The due diligence has confirmed the board’s initial expectation that Andash is a project with significant unlocked value and early-stage production potential.”
A 2010 definitive feasibility study had confirmed that the Andash project could deliver some 70 000 oz/y of gold and 7 400 t/y of copper, over a six-year life-of-mine, with the project having a net present value of $241-million.
The project had a reserve of some 539 730 oz of gold and some 63 486 t of copper, with significant exploration upside.
Kentor has agreed to a A$15-million selling price.
The company was now in the process of finalising the financing arrangements with its strategic partner, the Salim Group, and would make an announcement regarding the financing in the coming weeks.
Lewis said on Tuesday that Robust was also continuing with an active exploration and development programme at Romang Island, which remained a priority for the company.
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