Miner2000, I agree wholeheartedly with what you say, not a single IRL shareholder has any good news story about IRL. We have all lost heaps of money and I agree that the CEO is extremely well paid in fact has been paid more than the market cap of the company. To date all that has been produced is at lot of hot air and more heartache for IRL shareholders and if you think that things will stay the same then there is no light at the end of this very dark tunnel.
IRL has but one glimmer of hope, and if its successful it will be a bonfire. Our new poster Aravalli says it all, and obviously is a well connected shareholder.
Aravalli is correct in saying
"No wonder Vedanta/Hindustan Zinc are desperate for Aravalli.
IRL has a massive lead/zinc deposit that is supported by the DIPP and the Indian Government."
Miner2000, Yes Vedanta/Hindustan Zinc WANT the Aravalli project.
(Hindustan Zinc Limited (HZL) is an integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Resources PLC. HZL is the world's second largest zinc producer.)
Surely if you'd read the March Quarterly Report you would know already that HZL wants the Aravalli project or a least a good part of it. Hindustan Zinc has has their application for Mining Licence and Prospecting Licence cancelled in favour of giving the preferential right to India Resources (CMPL).
To save you the effort of looking up the last quarterly report, I quote
"Hindustan Zinc Limited (HZL) has filed revision applications before the Honorable Revisional Tribunal of the Ministry of Mines, challenging the decision of the State Government of Rajasthan (GOR) to cancel HZL’s two prospecting licenses and one mining lease. "
This gives you idea of the value that Vedanta/Hindustan Zinc place on the Aravalli project. India Resources is almost certain to retain the project as it has already been offered to IRL (CMPL).
From the announcement 24th Dec 2014
"India Resources Limited (IRL/Company), is pleased to advise that the Government of Rajasthan has administratively approved the Company’s Aravalli Lead-Zinc Project Mining Lease (ML) in favour of IRL’s 100% owned subsidiary, Crown Mining Private Limited (CMPL). "
Quote from the March Quarterly Report
"Aravalli is a world class base metals project, and HZL's continuing effort to retain an interest in it was anticipated. CMPL filed caveat and impleadment applications to ensure it would be a party against any action taken by HZL. CMPL has applied to the Tribunal to be recognised as a party to the proceedings to join the GOR in defending the revision applications. "
Miner2000, you can be 100% sure that Vedanta/Hindustan Zinc want the Aravalli project, the current market cap of IRL is $3 million, and you can bet that IRL will want more than $3 million in their pockets before they actually start digging any copper ore for HCL.
What do you think Vedanta/Hindustan Zinc will be prepared to pay when they lose their " revision applications before the Honorable Revisional Tribunal of the Ministry of Mines"
The Aravalli project is set by the Indian Gov't as a US$180 million project, anybody in their right mind would thereby want a similar amount in a takeover or a buyout situation.
Miner2000, when you bought IRL at 40 cents some years ago that was a risk no doubt about it, today buying IRL at .003c there is little risk involved. IRL will survive with or without Aravalli, but just imagine the value when IRL starts to do more drilling in the Aravalli ranges.
IRL Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
