What is more likely is that HZL will use their considerable influence to have the IRL Mining Licence application cancelled. Did you note in the last Quarterly its mentioned there have been discussions with HZL.about the overlapping applications in the Aravalli region.
I'm starting to think its a definite possibility the IRL ML application will be cancelled. I'd wonder whether Directors are aware of this possibility and what they are doing to prevent it. Directors seem to think that selling cheap shares to RCF and Noble will increase their chances of getting the Aravalli ML approved.
Surely they have learnt by now with HCL that you'll just get squashed underfoot unless you are a BHP or RIO.
The following story is just a prelude into what is about to happen, unfortunately I don't think our management will be able to do anything about it.
India’s HZL plans fresh investments to increase production
By: Ajoy K Das
23rd September 2014
KOLKATA (miningweekly.com) – India’s Hindustan Zinc Limited (HZL) has drawn up plans to invest $1.3-billion over the next four years to ramp-up production from its zinc and lead mines to 1.2-million tonnes a year from the current capacity of one-million tonnes a year.
HZL, part of the London-listed Vedanta Resources, would invest in its existing zinc and lead mines, Rampura Agucha, Rajpura Dariba, Sindesar Khurd and Zawar, which were all located in central Indian desert province of Rajasthan, a company official said.
The HZL board has already approved the investments and work on mine expansion would start shortly, the official added.
The company has appointed an overseas mining technology consultancy firm to start work on the induction of new technology to debottleneck existing operations and the expansion of the mines would be taken up thereafter, he said.
The source said that HZL was also looking at acquiring new zinc and lead assets in India and overseas, but he declined to provide any details on mines identified by the company.
The company, as part of its expansion plans, would also be seeking to ramp-up production of silver from the Sindeswar Khurd mines.
The mine was reported to be rich in silver deposits and HZL’s investments would be to increase silver production to about 1 000 t/y from Sindeswar Khurd up from 300 t/y at present.
HZL was extracting silver through lead smelting, but the company was putting in place processes to extract the precious metal from lead smelting to achieve the higher production target within the next four years, the official said.
IRL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
