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BRIEF-India Resources updates on Surda copper mine operations
May 19, 2017 / 11:28 AM / 7 months ago

BRIEF-India Resources updates on Surda copper mine operations

May 19 (Reuters) - 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 Source text for Eikon: Further company coverage:

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