There will be more progress in the near future, the Rakha Mine contract should begin within the next few weeks as the Environment Clearance has been granted 6 weeks ago. The Supreme Court Case has been set down on the 19th August and I'd doubt whether it will be delayed further. Getting the approval of the Aravalli project will be the icing on the cake. India now wants to send a clear signal that the country is open for business again, I'd bet we have the approval before the end of the year.
Now is the time to load up, if we win the Supreme Court Case it could mean $8 to $10 million including interest.
HCL will be paying the balance of the Arbitration award and will be paid in the Sept Qtr
" IRL therefore anticipates receiving this payment in the September 2014 quarter."
Will most likely be approved at the next HCL Board Meeting which is in August
" is yet to progress through HCL’s internal approval processes."
This will add $1.2 million including interest to the coffers.
The price of Zinc has reached a 3 year high on the anticipation of a supply deficit going forward. The Chinese are already scrambling to get new Zinc/lead projects, they have recently done a deal with Russia for a new mine. The potential of the Aravalli project is huge, and IRL management know it. Once they get the approval they will hit the deck running.
IRL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
