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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 completes second tranche Private Placement Facility with Chimaera

3rd May 2011, 12:24 am

India Resources (ASX: IRL) has completed the second tranche of the intitial share placement under the $5.5 million Private Placement Facility with Chimaera Equity Market Neutral Fund.

India Resources has raised $95,000 after Chimaera subscribed to 6.333 million company shares at $0.015 in the second tranche.

The original facility was arranged by Empire Equity Limited, a London based private merchant bank.

The company entered into the funding facility with Chimaera in late February in order to fund some significant mine contracting opportunities in India.

As one of few foreign mining services companies to successfully operate projects in India, the placement and funding facility provide optimum flexibility to fund growth.

India Resources has some projects in the pipeline, and has announced the company’s intention to participate in several significant contracting opportunities presented by existing client Hindustan Copper (BOM: HINDCOPPER).

To support the company’s commitment to these projects India Resources has entered into an agreement with the large Polish mining services group, Kopex (WAR: KPX).

This strategic alliance between India Resources and Kopex positions the company perfectly for the expected rapid growth in the mine contracting business in India.

Added to this for India Resources are the two new long term coal mine development agreements secured at the level of preferred contractor status as this funding facility will provide the necessary security to underpin the growth of the company’s mining contracting division.

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