Robust completes Andash acquisition
PERTH (miningweekly.com) – ASX-listed Robust Resources has completed its takeover of Andash Mining from fellow-listed Kentor Gold in a deal worth A$15-million.
Financing for the takeover was sourced from existing cash reserves and a rights issue, as well as the sale of a 7% interest in the Romang Island project to PT Kilau Sumber Perkasa, and through a A$3-million loan from Indonesian investment house PT LSL.
Robust told shareholders on Wednesday that after securing ownership of Andash, and its 80% shareholding in the Andash copper project, in the Kyrgyz Republic, the immediate priority would be to strengthen government and community support for the project.
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.
“Completing the acquisition of Andash is an important milestone for Robust and advancing the project’s development is now a priority. Robust was able to capitalise on the Andash opportunity because the company is well funded and it has the support of its major shareholders,” said Robust MD Gary Lewis.
He added that while advancing the Andash project was now a priority for Robust, the development of the Romang Island project would not be impacted.
“We have eight rigs exploring across the island, an active development programme is continuing, and we are working constructively with the relevant Indonesian authorities to advance our mining licence application. We have never been better placed to unlock value for our shareholders,” he added.
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