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BRIEF-India Resources announces termination of Surda contract with Hindustan Copper Ltd

Published 02/06/2017, 08:00 pm
Updated 02/06/2017, 08:10 pm
BRIEF-India Resources announces termination of Surda contract with Hindustan Copper Ltd
HG
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IRL
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June 2 (Reuters) - India Resources Ltd IRL.AX :

* Termination of Surda and Surda expansion contracts

* In recent months strikes by mine, processing plant and construction project workers caused significant loss of revenue and profits

* Surda shut down was caused by HCL not renewing its mining lease to mine on a timely basis

* To date HCL has not resolved this matter, and company anticipates further unrest at operations.

* Strikes relate to delay in resolution by Hindustan Copper on demand by IRL that HCL reimburse IRL in full for 40% increase in statutory wages

* HCL made unilateral deductions regularly from amounts due to irl for copper production without having regard to its impact on operations Source text for Eikon: ID:nASXbT5PMV Further company coverage: IRL.AX

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