Good news.Rakha mine environmental approval has just been...

Good news.
Rakha mine environmental approval has just been announced. The minutes of the meeting approving Rakha on page 27

http://www.ercindia.org/files/eac/minute/EAC%20Non%20Coal%2024to25%20Feb%202014_0_0_31114125912161FinalMOMof17EACheldduring2425February2014.pdf

It will be all systems go as IRL prepares to start the Rakha mine development, a AUD $45 million contract

Rakha Mine Development Contract

The scope of work includes dewatering, rehabilitation, shaft sinking, the installation of new winders for Rakha’s old shafts, development of haulages and connections to the new shaft and excavation of declines, drives & crosscuts at various levels.
The total period of the contract is 5 years. Key financials are as given below:
• Net Return of $7.38M before tax, or $5.6M after tax. • NPV - $5.39M AUD before tax. • NPV -$3.98M after tax applying a 12% discount factor. The Rakha Copper Mine contract will provide healthy returns for five years and enable IRL to obtain very strong synergies and cost benefits with its existing Surda Copper Mine contract.
ORDER VALUE: $45.09 MILLION