News: IRL India Resources updates on Surda copper mine operations

May 19 (Reuters) - India Resources Ltd (IRL) :

• On occasions in recent months, strikes by mine, processing plant and construction project workers have caused all operations to be suspended
• Production of metal in concentrate has been adversely affected to a severe extent
• These strikes have also adversely affected physical progress on mine expansion and shaft sinking project
• Strikes have also adversely affected physical progress on mine expansion and shaft sinking project
• Unnecessary and random events have caused great inefficiencies and loss of profit to IRL
• "As of today all strikes have ended and all workers have returned to work"
• "Another factor aggravating reputation & finances of IRL is late payment of amounts invoiced to Hindustan Copper Limited (HCL) and Shriram EPC by IRL"
• Late payment of invoices "has precipitated a major cash and liquidity problem within IRL"
• Unless HCL make full payment of all invoices, conditions causing strikes are likely to arise again