indo risk, page-2

The Intrepid matter hit the fan in July last and ROL put this out on the 26th July:
? Robust owns 77.5% direct share of its Indonesian subsidiary PT GBU which has mining license on Romang Island
? Remaining shareholding held by Salim Group which is also an +18% shareholder in Robust
? PT GBU mining licenses are listed as ‘clean and clear’ by Indonesian Department of Mines
? Active, fully-funded working program continuing on Romang Island
The Directors of Robust Resources Limited (“Robust” or “the Company”) are pleased to update shareholders on the ownership status of its Romang Island Project, Indonesia.
Robust can confirm that it is the direct majority shareholder and operator of the precious and polymetallic project on Romang Island.
Robust owns a 77.5% direct share in its Indonesian subsidiary foreign investment (PMA) company, PT Gemala Borneo Utama (PT GBU). The remaining 22.5% of PT GBU is owned by one of Indonesia’s largest and most recognised companies, the Salim Group.
The Salim Group, through one of its subsidiaries Droxford International Limited, is also Robust’s largest shareholder with an 18.65% direct interest in the company.
PT GBU holds title to 5 Mining Business Licences (IUPs) which, under the 2009 Indonesian Mining Law (Law 4/2009) allows for up to 100% foreign ownership of Indonesian mining tenements. The Company’s 5 IUPs total approximately 10,000 hectares and cover all geologically prospective areas on Romang Island.
The IUPs are also listed as “clean and clear” by the Indonesian Department of Mines and Energy. Copies of certificates can be viewed at www.robustresources.com.au
The directors of Robust Resources are confident that the company’s ownership status of its Indonesian mineral tenements is very solid.
Robust’s Managing Director Gary Lewis added: “Robust has made a considerable investment to ensure that the ownership status of its mining licenses is solid. We are very confident of the ownership status of our projects.


I think associating Intrepid with Robust is taking "nearology" a little too far in the wrong direction. Mind you the fall in the share price has been mind boggling, especially for a holder :(