Copper operating company, India Resources (ASX: IRL) has issued a second convertible note with a face value of US$1.5 million to La Jolla Cove Investors Inc.
India Resources is the only foreign-owned company with a mining operation in India.
India Resources issues convertible note to La Jolla Cove Investors Inc.
It operates the Surda copper mine; under IRL's management the mine achieved record copper production during the month of March 2010.
The Surda Copper Project has a JORC resource estimate of 13,095,000 tonnes of indicated and inferred resource at 1.09% Cu.
Managing director of IRL, Arvind Misra said the La Jolla deal is a part of a larger business relationship that has enabled the company to reduce corporate debt and to continue development of its proposed coal mine activities and to advance exploration programmes.
The company is strengthening its balance sheet with the increased revenue flows from Surda and a significant reduction in debt planned by the end of 2010.
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