IRL india resources limited

News: IRL India Resources updates on agreement with Hindustan Copper

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    June 7 (Reuters) - India Resources Ltd (IRL) :

    • Agreement with Hindustan Copper (IRL)
    • Says ongoing detailed discussions have been held with Hindustan Copper

      Limited

    • Discussions have resulted in a provisional agreement between the parties
    • "Potential suspension of operations at the surda mine and the mosaboni plant

      is now deemed unnecessary"

    • HCL agreed to pay approximately $1.4 million against monthly supply of copper

      in concentrate for months of April 2016 and May 2016

    • IRL will withdraw its arbitration notice
    • Transportation of copper concentrate to HCL and timely monthly payments to

      IRL will resume promptly

    • Proposal to settle long disputed claims between parties has been forwarded by

      HCL board to independent external monitor

    • IRL will do its utmost to continue to ramp up and maximise copper production

      at the Surda mine and Mosaboni concentrator

                            
 
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