Ann: Surda mine update, page-7

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hiphoppresident

852 Posts.

17/01/15

18:32

Post #: 14599399
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Originally posted by rocket973 ↑

Hiphop, great find. I didn't find that one.

"SUBSEQUENT RENEWALS
After these court orders, mines waiting for second and subsequent renewals found these hard to come by. Unable to get states to grant them fresh leases, some like Hindustan Copper had moved court.
The PSU's Surda Copper mines linked to the Indian Copper Complex in Jharkhand could now get a 15-year extension if the ordinance is promulgated."

It might be time for IRL to renegotiate a new lease for the Surda mine, I'd reckon this is a perfect opportunity and given that IRL is owed AUD$4.5 million then IRL management should start demanding payment too. They are currently being treated as fools. I've been doing business in S.E. Asia for 25 years, and whilst it can be extremely difficult at times, I think that this current situation is beyond a joke. Management need to put their foot down and say enough is enough, you'll be treated this way forever if you don't have the guts to stand up and take some control of the situation. If management don't get some satisfaction shortly ie FULL PAYMENT of $4.5 million, then I'd be walking away from the Rakha mine development too. If you don't learn from one very bad experience then you are just asking for further trouble down the track.
HCL should look at sacking the person or persons who are holding up payment.

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Agreed.

Rakha could cause the same issues, might as well complete Surda contractual obligations and build Aravalli.

IRL Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
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Ann: Surda mine update, page-7

Top Stories

Breaking news: New opportunities for investors & companies - HotCopper opens to capital raising!

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Anatara reaches required level for recruitment in trial for IBS treament

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Commonwealth Bank backflips on 'greedy' $3 withdrawal charge that had basically everyone furious

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