The Company reported a maiden net consolidated positive cash flow in it's latest quarterly cash flow report. This includes all head office costs. All new contract operating margins go straight to the bottom line. And the contract pipeline is looking healthy. (See Below). Not yet a beautiful swan but no more an ugly duckling!
Coal Project - Biharanath Coal Mine (Bankura DRI) The Letter of Intent with Bankura DRI has been extended to 31 December 2011. A procedure to develop a joint operations plan has been issued by the Ministry of Coal and Ministry of Petroleum and Natural Gas.
Coal Project - Sial Gorghi (Prism Cement) The Company?s wholly owned subsidiary, IRL Coal India Pvt Ltd, is the preferred contractor for the development of the Sial Ghogri underground coal mine. A visit by Prism Cement representatives to familiarise themselves with existing facilities and sites operated by Kopex in Poland was undertaken in June 2011. The Prism Cement representatives will also visit Australia during the current quarter to finalise contract negotiations.
Copper Projects ? Hindustan Copper Limited Under the terms of a Memorandum of Understanding between IRL and Kopex, three tenders are being prepared for the re-opening and expansion of the Rakha Mine, Kendadi Mine and the new Chapri Mine owned by Hindustan Copper Limited (HCL). The tenders are expected to be submitted by early August 2011.
IRL Price at posting:
1.0¢ Sentiment: None Disclosure: Held
