Miner2000 The fact is IRL have never been paid a fair price for mining copper. Heaven only knows why Michael Kiernan ever agreed to produce Cu at US$1.30lb,. To this day I still wonder why anybody would be so foolish as to sign a contract where HCL are able to deduct anything that suits their whim and charge taxes that are not even legally required. I remember asking Eion Rothery at a IRL mining presentation in Brisbane so many years ago about the price they were paid for mining Cu at Surda mine, he ummed and arred and tried to change the subject and in the end stated that it was a commercial secret. The reason he didn't want to say is because investors would've been horrified. Over the years by getting the production figures and HCL payments I calculated it at US$1.30/lb. The Court Case documents from last year confirmed it.
I add that the Surda mine contract should only be considered as a stepping stone to get a foot in the door in India. One day when IRL confirms that the Aravalli Mining Licence has been approved it will be systems go.
IRL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
