May 19 India Resources Ltd:
* 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
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