IRL 0.00% 0.2¢ india resources limited

HCL might be focusing on "getting the Surda Mine Lease renewed"...

  1. 12,283 Posts.
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    HCL might be focusing on "getting the Surda Mine Lease renewed" but why would IRL reopen the mine if they haven't been paid?
    As I said in a previous post
    "Management need to put their foot down and say enough is enough, you'll be treated this way forever if you don't have the guts to stand up and take some control of the situation. If management don't get some satisfaction shortly ie. FULL PAYMENT of $4.5 million, then I'd be walking away from the Rakha mine development too. If you don't learn from one very bad experience then you are just asking for further trouble down the track."
    The idea of tweeting might help, but a more direct approach might be better. ie email or write to the members of Parliament directly. I'd seriously doubt whether any Minister in the new Modi Government has any idea about outstanding payments with HCL.
    Discocopper, I disagree with your comment "I don't think HCL is pursuing an active anti-IRL campaign; or indeed treating IRL different to anyone else"
    HCL has deliberately sought to be a difficult landlord, the arbitration settlement was made 17 months ago, HCL have dreamed up every excuse under the sun as a reason not to pay.
    Frankly, IRL would be best to not reopen the Surda Mine again until a new contract is written, as per the original intentions that includes reducing the taxes being deducted by HCL these were not part of the original agreement. (These Taxes deducted by HCL have been reason behind the many Court Cases over the years.)
    If IRL isn't paid the outstanding AUD$4.5 million shortly and if HCL refuses to pay prior to reopening the mine then it is best to walk away from it.
 
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