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Market: ASX
Sector: General Mining - Copper
EPIC: IRL
Latest Price: A$0.00  (0,00%)
52-week High: A$0.01
52-week Low: A$0.00
Market Cap: A$2.55M
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India Resources
www.indiaresources.com.au

India Resources Limited (ASX: IRL) operates the Surda Copper Mine in India.  IRL has developed a close commercial alliance with Hindustan Copper Limited (HCL, a Government of India enterprise). These alliances with HCL are a first for an overseas group. Hindustan Copper is the sole integrated producer of primary copper in India and is listed on the Mumbai, Delhi, Calcutta and Madras exchanges.

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India Resources breaks quarterly production record at Surda with 855 tonnes

8th Oct 2010, 10:19 am

Mining contractor India Resources (ASX:IRL) completed a record breaking 855 tonnes of copper metal-in-concentrate production from the Surda Mine and Mosaboni Concentrator Plant in India, for the September 2010 quarter.

The record is 2% above the previous record of 838 tonnes achieved in the March 2010 quarter, with the feed grade of 0.88% copper remaining constant, moving the company closer to achieving its production target.

Of interest, during the month of September the copper grade improved to an encouraging 0.95%.

Arvind Misra, managing director, said that this was a very pleasing all round performance for the Surda operations, and that the ongoing improvements were keeping the company on track to meet its production target of 340 tonnes of copper in concentrate per month.

The September quarter production included; processing 106,153 tonnes with a recovery rate of 93.2% and a concentrate grade of 25.4% copper.

India Resources currently has an order book of over $750 million, with a market capitalisation of $8 million.

The company is the first foreign owned company with a mining operation in India, setting the platform for the company to leverage this growth with additional mine contracting deals.

The mining sector is anticipated to become much more important to the Indian economy in the future.

The Indian mining market will undergo changes in the next 12-18 months following changes from the government based on recommendations from the Hoda Report, which looked into the regulations and obstacles of the mining industry in the country.

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