🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

BRIEF-India Resources updates on Surda copper mine operations

Published 19/05/2017, 09:25 pm
© Reuters.  BRIEF-India Resources updates on Surda copper mine operations
HG
-
IRL
-

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

* 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 Source text for Eikon: Further company coverage: IRL.AX

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.