delta charlie, it might be a good idea to read the ASX announcements before you post as I'm sure you don't actually understand what is going on.
1) Yes, the Aravalli project is being contested by Hindustan Zinc HZL as they are smart enough to understand the immense valve of the Aravalli project.
"In late December 2014 the administrative decision made by the Government of Rajasthan approving the Aravalli lead-zinc mining lease application in favour of IRL’s wholly owned subsidiary, Crown Mining Private Limited (CMPL) following demarcation work has resulted in a split of its original licence area into Part A and Part B areas (Figure 1 below). Part A located in the south end of the licence area comprises 17.29 km2 and contains the base metals mineralisation exploration target previously reported by IRL. The Part B application area to the north (approximately 3 km2) would require a separate application as it is not contiguous.
CMPL is prioritising the grant approval process for Part A and has now officially consented to the revised boundary of Part A in an acceptance letter and revised map forwarded to the directorate of Mines and Geology (DMG) in Rajasthan, India. CMPL has elected not to make an application for the Part B portion of the original licence and instead will participate when this area is offered by public auction by the Rajasthan Government, although CMPL will no longer have a preferential right."
2) Yes, IRL are low on funds but don't be surprised when you hear that HCL coughs up some dough, you must remember that the Indian Gov't has now approved the restart of the Surda mine (read announcement) and HCL will be desperate to get it restarted. Every day that passes HCL will have more pressure exerted on them to get the mine restarted. IRL has demanded payment and will NOT restart until money is in the BANK.
"During the quarter IRL advised HCL that it could not and would not recommence mining operations at the Surda mine until its claims for losses during the work stoppage and previous other claims were meaningfully resolved."
"rights to a large zinc project. My view is not."
What a bad decision you have made if you are wrong. Aravalli project is a huge highly contested Lead Zinc resource and the value is humongous. If you don't want to take the risk, then its your decision.
IRL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
