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PERTH (miningweekly.com) – Metals developer Robust Resources has again told shareholders to hold off on making a decision regarding a takeover offer from unlisted Stanhill Capital Partners Holdings, after the shareholders of Aim-listed Mentum voted in favour of acquiring Robust’s Kyrgyz Republic gold/copper assets.
Earlier this year, Robust signed a memorandum of understanding with Mentum under which the Asia-focused mining development company would acquire Robust’s Kyrgyz assets and be renamed Tengri Resources.
Robust would hold an 87.3% shareholding in Tengri, valued at around A$32-million based on Mentum’s share price on July 15.
Robust MD Gary Lewis told shareholders on Tuesday that the listing of Robust’s Kyrgyz assets on London’s Aim through Mentum was a pleasing development, and that Robust was confident that significant value could be realised from this transaction.
“Mentum, which will shortly become Tengri Resources, now holds an enviable portfolio of gold/copper assets that have mineral resources in place, with significant exploration upside,” said Lewis.
“These projects offer near-term development potential and have the capacity to deliver significant shareholder returns when exploited. As an 87.3% shareholder of Mentum, Robust will be a major beneficiary of Tengri’s success.”
With the addition of Robust’s assets, Tengri Resources would hold three assets, including the Andash gold/copper project, the Talas copper/gold project and the Bashkol gold project.
Robust was currently the target of a A$54.7-million takeover offer from Stanhill, which was offering shareholders 28c in cash for each Robust share held.