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BRIEF-Hindustan Copper says co gets notice from India Resources for termination of Surda mine ops
June 8, 2017 / 1:33 PM / 6 months ago

BRIEF-Hindustan Copper says co gets notice from India Resources for termination of Surda mine ops

June 8 (Reuters) - Hindustan Copper Ltd

* Says received notice from India Resources Limited, special purpose vehicle of Eastern Goldfields Ltd

* Says notice states India Resources Ltd has purportedly terminated contract for operation, maintenance of Surda mine, Jharkhand

* Notice is unilateral, wrongful, breach of contract for which HCL is entitled to claim damages from India Resources, Eastern Goldfields

* Says has floated tender for award of fresh contract for long term operation and maintenance of Surda mine

* No failure on part of co to pay to undisputed monthly payments for continuous 90 days from date of submission of bill for works executed

* Says co has taken measures to appoint agency for re-starting operations of Surda mine

* Since April 2017, the performance of IRL/EGL has deteriorated sharply and has failed to achieve monthly production targets

* IRL, EGL have huge outstanding liabilities in market of more than 400 million rupees

* Says received notice from India Resources Limited, special purpose vehicle of Eastern Goldfields Ltd Source text - (bit.ly/2sH0ZsE) Further company coverage:

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