hI ALLI FOUND THESE 2 ARTICLES ABOUT IRL's latest announcement...

hI ALL

I FOUND THESE 2 ARTICLES ABOUT IRL's latest announcement and more:

1. India Resources to focus on exploration

Press Trust of India / Kolkata January 25, 2010, 19:09 IST

Australian mining firm India Resources (IRL) has applied for prospective licenses to explore and mine metals like lead, zinc, diamond, iron ore and copper, a company official said.

IRL Managing director Arvind Misra said the company had sought prospective licenses in Orissa, Jharkhand, Rajasthan and Andhra Pradesh for exploration.
"We want to focus on exploration rather than contract mining," Misra told reporters here today.
The company is engaged in contract mining for Hindustan Copper where the firm has invested Rs 130 crore.
Misra said the company had also entered into a contract mining agreement with Bankura DRI for mining coal from the block allotted to the latter at Ranigunj in West Bengal having 95 million tonnes reserves.
He said the firm would invest Rs 100 crore for the purpose.





2.Economic Times 25/1/10

KOLKATA: India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in India. The Australian firm has just inked a letter of intent with Bankura Coal Co to mine coal in Raniganj, West Bengal at a total investment of over Rs 100 crore. This is also perhaps the first instance of contract mining by a foreign company in the coal sector which is dominated by public sector major, Coal India Ltd.

Towards this, Perth-based India Resources Ltd and Bankura Coal Co Ltd of West Bengal have formed an SPV to operate the underground coal mine in West Bengal for captive use. Incidentally, India Resources has made a foray into Indias mining sector by taking up contract mining of copper for Hindustan Copper Ltd (HCL). As part of it, IRL has been producing 300 tonnes of copper concentrates at HCLs Surda mines in Jharkhand.

Bankura Coal has six sponge iron companies under its wing and has been allotted a lucrative coal block in the heart of the states Raniganj coal belt. The mine has total reserves of 95 million tones. India Resources will start operations at the new mine within three years. "The output from this mine is expected to peak in the seventh year of operations when it is estimated to produce half a million tonnes of coal," Mr. Arvind Misra, Managing Director of India Resources Limited said.

This is part of IRLs strategic move to get into exploration side of the mining business in India. "Apart from contract mining, we would like to grow the exploration business," Misra added. In step, IRL has also applied for some 15 prospecting licenses for iron ore in Orissa and Jharkhand. "We have also applied for license to explore for lead and zinc in the Aravali project in Rajasthan," Mr Misra said.