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India Resources updates on Surda copper mine operations

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  1. May 19 (Reuters) - India Resources Ltd (IRL) :

    • On occasions in recent months, strikes by mine, processing plant and construction project workers have caused all operations to be suspended
    • Production of metal in concentrate has been adversely affected to a severe extent
    • These strikes have also adversely affected physical progress on mine expansion and shaft sinking project
    • Strikes have also adversely affected physical progress on mine expansion and shaft sinking project
    • Unnecessary and random events have caused great inefficiencies and loss of profit to IRL
    • "As of today all strikes have ended and all workers have returned to work"
    • "Another factor aggravating reputation & finances of IRL is late payment of amounts invoiced to Hindustan Copper Limited (HCL) and Shriram EPC by IRL"
    • Late payment of invoices "has precipitated a major cash and liquidity problem within IRL"
    • Unless HCL make full payment of all invoices, conditions causing strikes are likely to arise again
    Discuss this via IRL


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