"The Board and management of IRL believe that the future of the Company is increasingly prosperous, and as a result of much hard work by a dedicated management team over the past 5 years. In particular is the awarding of the two additional mining contracts as outlined in this report, and these underline not only the enhanced reputation with HCL but also across the broader mining spectrum in India. We are confident that additional contracts will also flow within the next twelve months and we are in the process of submitting a number of additional tenders to meet this expectation. "
This is the waffle from the June 2013 Quarterly Report.
The Board and management of IRL were referring to the Rakha mine project that was being spruiked as being the result of "hard work by a dedicated management team over the past 5 years".
Well where are these contracts?
Its amazing how the value of the Rakha mine project changes with every presentation, did HCL agree to all these changes of project financing? The value of the Rakha project has been up and down by more than $10 million depending on what presentation you read. ie from $45.09 million to $54.9 million. Granted this has more to do with the AUD$ but the costs of doing business in India remains the same. Hopefully the IRL management have done a little more due diligence than they did with the Surda contract.
However, I wouldn't hold your breath waiting for the Rakha contract.
IRL Price at posting:
0.4¢ Sentiment: Sell Disclosure: Held
