IRL Positive outlook an HCL bad behaviour

Hi all

As a shareholder of IRL through these tough times, I must admit that I believe IRL is finally setting the stage for serious growth.

Even though Hindustan Copper Ltd has been a horrible contractual partner, IRL has managed to do business in India. This company is in it for the long haul! If IRL lasted 8 years through absolute garbage Indian business behaviour imagine what it can do with Aravalli under its ownership!

Investors were concerned about a number of issues:

1. Surda stoppage
2. Indian Tax Office
3. Vedanta revision applications

With last weeks announcement, this wipes off Surda uncertainty but more importantly, IRLs stand against HCL bad behaviour has set the scene for a fair rebalancing of power in the underlying Surda contractual relationship.

This is very important moving forward as HCL will be less reluctant to play dirty against IRL as this would surely be met with dissatisfaction from both the Jharkhand and Central Indian Goverment.

We must remember that the Indian Goverment is watching HCL and IRL. The Indian Goverment is very aware of what is going on and the issues IRL face.

A win for IRL is a win for the Indian Goverment as it seeks to attract major FDI from Australia and IRLs success is seen as the way to do it.

Once the tax issue is sorted out then IRL will have a stronger footing to attract the much needed funding to progress Aravalli and obtain the Letter of Intent.

Just a matter of time.

All IMHO.

- Aravalli