News: IRL India Resources announces termination of Surda contract with Hindustan Copper Ltd

June 2 (Reuters) - India Resources Ltd (IRL) :

• Termination of Surda and Surda expansion contracts
• In recent months strikes by mine, processing plant and construction project workers caused significant loss of revenue and profits
• Surda shut down was caused by HCL not renewing its mining lease to mine on a timely basis
• To date HCL has not resolved this matter, and company anticipates further unrest at operations.
• Strikes relate to delay in resolution by Hindustan Copper on demand by IRL that HCL reimburse IRL in full for 40% increase in statutory wages
• HCL made unilateral deductions regularly from amounts due to irl for copper production without having regard to its impact on operations