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
India Resources updates on Surda copper mine operations
Before making any financial decisions based on what you read, always consult an advisor or expert.
The aim of HotCopper News is to report and comment on news in the financial and investment markets. HotCopper provides no advice on dealing in securities and is not a financial advisor. Professional advice should be sought before making any investment decisions.
Contact editor: [email protected]
To read reuters' full disclaimer click here
© 2017 Thomson Reuters. All rights reserved. The Thomson Reuters content received through this service is subject to the terms of the relevant Thomson Reuters service agreement and is the intellectual property of Thomson Reuters or its third party suppliers. Republication or redistribution of content provided by Thomson Reuters is expressly prohibited without the prior written consent of Thomson Reuters, except to the extent permitted pursuant to the terms of such Thomson Reuters service agreement. Neither Thomson Reuters nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. show less