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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 another production record at Surda with 327 tonnes

3rd Nov 2010, 9:39 am

A new monthly copper production record of 327 tonnes of metal-in-concentrate has been achieved in October by India Resources (ASX: IRL) at the Surda copper mine in western India.

The average feed grade for the month was 0.94% Cu. The previous copper production record for the mine was 313 tonnes in April 2009.

As forecast, ore production increased during the period from higher grade areas within the mine plan.

At these monthly production levels the Surda mine generates positive operating cash flows after including head office operating costs.

India Resources’ Managing Director, Arvind Misra, said that the company’s efforts in turning around its operating performance were showing solid results.

The impact of mining in higher-grade areas, along with ongoing production efficiency improvements, should lead to annual production levels of more than 4,000 tonnes of copper-in-concentrate at Surda.

IRL is currently budgeting for strong positive cash flow of $0.4 million to $0.5 million per month, or approximately A$20 million cumulative over the next four years.

The company now has a solid financial footing, with around $0.75 million cash on hand, which increased to around $1.5 million during October.

With a stronger balance sheet and improved cash flows from the Surda operations, the company is now focussing on progressing its other development assets and on exploration programmes on its mineral tenements, including two advanced coal ventures in India, where the potential work is worth around $800m to IRL.

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.





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