June 7 (Reuters) - India Resources Ltd (IRL) :
- Agreement with Hindustan Copper (IRL)
- Says ongoing detailed discussions have been held with Hindustan Copper
Limited
- Discussions have resulted in a provisional agreement between the parties
- "Potential suspension of operations at the surda mine and the mosaboni plant
is now deemed unnecessary"
- HCL agreed to pay approximately $1.4 million against monthly supply of copper
in concentrate for months of April 2016 and May 2016
- IRL will withdraw its arbitration notice
- Transportation of copper concentrate to HCL and timely monthly payments to
IRL will resume promptly
- Proposal to settle long disputed claims between parties has been forwarded by
HCL board to independent external monitor
- IRL will do its utmost to continue to ramp up and maximise copper production
at the Surda mine and Mosaboni concentrator
