The Arbitration settlement on the 3rd Sept was IRN 6.81 Crore, with the AUD$ going down means another AUD$70,000. So the base award will now be about AUD$1.211 million. Add to that "In addition, the Arbitrator also awarded interest at the rate of 8% for the period of arbitration proceedings and 12% post-award period in the case of disputes at items1 and 4 above and at 7% and 12% in the case of item 3."
This could amount to another AUD$100,000 in interest.
What is important is the ongoing benefit to IRL, which will result in extra income going forward.
"Awarding the escalation on material inputs cost at 10% from June, 2011 will continue for the full period of the Surda contract and is an ongoing benefit to IRL."
IRL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held