One drama over for the time being, at least IRL now has money in the bank and with Surda ramping up quicker than expected then money will start to flow via Cu production.
The money thats been paid is only a pittance compared with the money owed, (" IRL's advanced claims at 31 March 2015 exceed 420M INR ($8.8M)") so now its back to Arbitration again.
"HCL has agreed to pay some of IRL claims to enable mining to recommence and has recognised that IRL will pursue the balance of its claims through arbitration and have recourse to getting the August 2013 Arbitration Award executed. "
Doing business in India needs to change, I note RIO has spent 20 years in India, and they're still waiting for approvals. I wonder if the Indian Government stripped RIO of all their RP, PL, and ML applications???
No update on the Surda Expansion contract, obviously Shriram EPC Limited (SEPC) play the same games as HCL, no wonder nobody wants to do business with Indians. They're ALL tarred with the same brush.
Hopefully Arvind can now direct his attention to moving along the Aravalli Mining Licence.
IRL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
