Ann: Recommencement of Surda Expansion Project, page-10

Hiphop, I certainly hope that you're correct but you need to realise that HZL will use every avenue open to them to get the project back ie. via the Revision Application currently before the Ministry of Mines. HZL has immense power in India and should not be underestimated.
HZL are already looking at the best way to take back this asset, they've already been back to the Revision Court three times, twice being unsuccessful and a third time should be the end of it. But will it?
I'm sure that you don't realise and I know that not many other IRL shareholders are aware of the previous ownership of this area, the Aravalli project was originally a granted Mining Licence to HZL on the 14th June 1993 for a period of 20 years, but the Ministry for Mines decided after 12 years to cancel the ML.
At this time Captain Singh was awarded the Reconnaissance Permit under CMPL and onsold it IRL. This is how IRL got involved with the Aravalli project.
That is where the Crown Mining comes from.
Maybe this was all above board but maybe it wasn't.
Gov't officials in India are extremely corrupt and some of the deals done in the past are coming to light. Take this one for example.
http://indianexpress.com/article/in...er-state-lost-over-rs-600-cr-rajasthan-probe/

Obviously HZL were extremely upset with having the Mining Licence rescinded and have appealed against the decision. I have obtained copies of all judgements, giving me an understanding of what has happened in the past. The current application by HZL is pending, so must await the outcome.

I've always been hopeful of a positive outcome for IRL, but IRL Directors have been asleep at the wheel for the past 8 years, do you really think thats about to change. We have a CEO who flits back and forth between Perth and India accruing frequent flyer miles where he should be based in India, we have a Chairman who allows this BS to continue. Its not what I call dedication.

Hiphop, you are most likely correct in that " Vedanta are dirty cheats, so why would we immediately believe what they say?...it's probably a PR ploy!!"
It might well be a PR ploy but HZL are putting a lot of money on the table for jobs and the like, you can be sure they'll be a few gold watches handed around too. HZL will demand some sweetener too, and that will be getting their Aravalli project back.
As I said earlier HZL already had the Mining Licence for this area and was it taken from them under dubious circumstances, so anything could happen.
Lets hope that
"The Rajasthan Goverment and Ministerial officials may well use IRL as the poster boy for Mining FDI"
We can only hope.
It might also be a good time to contact RCF and see what their intentions are.
Resource Capital Fund
Contact details for Peter Nicholson Tel: +61 (08) 9476-1900 [email protected]