India Resources Limited

Published : September 05th, 2008

Working Capital Facility and Project Update

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India Resources Limited (ASX: IRL)

 

ASX RELEASE                                                      5 SEPTEMBER 2008

 

 

WORKING CAPITAL FACILITY AND PROJECT UPDATE

 

The directors of India Resources Limited (Company) are pleased to advise that the Company has secured a working capital debt facility of $1.5 million from the Hong Kong based global supply chain manager, Noble Group.  The facility is designed to provide sufficient working capital for the Company as it focuses on the ramp up to sustainable production levels at the Surda copper mine in India.

 

The debt facility can be drawn down in instalments as required and is repayable within 18 months, with repayments being funded from forecast cash operating surpluses generated from the Surda copper mine.  The facility has been provided on normal commercial terms and is secured by a fixed and floating charge over the Company.

 

Production rates at the Surda project continue to increase in line with forecasts and the project is on target to reach full production levels during September 2008.  This will signify a major milestone for the Company with Surda expected to achieve a cash operating surplus before capital requirements.

 

The grade of the copper in concentrate being produced at Surda remains excellent and marginally above previous forecasts.

 

The Company is also in the final stages of a feasibility study for an additional decline between the two primary shafts at Surda with an aim to doubling production within the next two years, and to the Company?s ultimate production target of 900,000 tonnes (9,000 tonnes of copper in concentrate).

 

At their request, a preliminary proposal has also been submitted to Hindustan Copper Limited (HCL) for the proposed expansion at Surda, however final terms have not been agreed and this may take some time to complete.  Notwithstanding this, a favourable outcome is anticipated as the project has clear benefits for both parties.  The benefit for HCL is the increasing replacement of imported ore to the Moubhandar smelter, which lies 5 kms to the east of the Surda mine and for the Company, a significant positive impact on production rates and mine profitability.  The existing contract with HCL expires in 2014, however a cornerstone to the proposed expansion will be the extension of this agreement.

 

Yours faithfully

 

 

 

ANDREW SIMPSON

Chairman

 

 

For more information contact:

 

Andrew Simpson                                     Eoin Rothery              

Chairman                                                   Managing Director    

Telephone: +618 9450 8822                  Telephone: +618 9327 7444        

Mobile: +618 (0)419 955 878                  Mobile: +618 (0)420 904 332       

 

                                                       

Visit: www.indiaresources.com.au

 

 

 

About Noble Group

Noble Group (SGX: NOBL) is a market leader in managing the global supply chain of agricultural, industrial and energy products.  The company operates from over 100 offices in more than 40 countries, serving more than 4,000 customers.  Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation.

 

Noble owns coal and iron ore mines, grain crushing facilities, sugar and ethanol plants, vessels, ports and other infrastructure to ensure high quality products are delivered in the most efficient and timely manner to its customers.  The company has more than 125 ships on charter at any given time.  For the 2007 financial year, Noble managed more than 128 million tonnes of product, with revenues of more than US$23 billion.

 

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India Resources Limited

PRODUCER
CODE : IRL.AX
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India Res. is a zinc and lead producing company based in Australia.

India Res. produces zinc, lead, copper in India.

Its main asset in production is SURDA in India and its main exploration properties are DHAWAR PROJECT, BUNDELKHAND PROJECT, BIHARINATH, ARAVALLI PROJECT, BHANDARA DIAMOND PROJECT and ASKOT MINE in India.

India Res. is listed in Australia. Its market capitalisation is AU$ 2.0 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on November 05, 2010 at AU$ 0.03, and its lowest recent point on June 10, 2016 at AU$ 0.00.

India Res. has 1 000 590 016 shares outstanding.

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Annual reports of India Resources Limited
Annual Report 2007
Project news of India Resources Limited
12/2/2014Surda mine update
6/10/2008(Surda)Surda Delivers Record Daily Copper Production
Corporate news of India Resources Limited
5/17/2016Quarterly Activities and Cash Flow Report
12/22/2015AGM Presentation
12/22/2015Results of Annual General Meeting
12/22/2015Successful appeal to Indian Tax Assessment
11/2/2015Notice of Annual General Meeting
11/2/2015Appendix 4G Corporate Governance Disclosure
4/11/2015Surda expension project
3/21/2015Half Year Accounts
3/9/2015Shareholder Update
12/26/2014Aravalli Decision
12/2/2014Results of annual general meeting 2014
10/30/2014Quarterly activities report 30 September 2014
10/30/2014Notice of annual general meeting
4/21/2010Quarterly report
11/26/2008Surda Copper Operation - Update
10/1/2008Announces 2008 Results
9/5/2008Working Capital Facility and Project Update
6/25/2008Director Resignation
4/15/2008Secures Future Copper Production Base
2/11/2008boosts Board
1/15/2008DISCOVERS NEW DIAMOND INDICATORS
1/8/2008First copper sales as Surda steams ahead
12/20/2007ACQUIRES STAKE IN INDIAN EXPLORER
12/4/2007BOOSTS DIAMOND PROSPECTS
11/2/2007 INTO COPPER PRODUCTION AHEAD OF SCHEDULE
10/9/2007RAISING $20 MILLION TO DOUBLE COPPER PRODUCTION
8/21/2007COMMENCES DRILLING NEW TARGETS
8/15/2007ACQUIRES DIAMOND LEASES
7/17/2007 To commence Production early 2008
6/6/2007Surda Operations Update
5/20/2007has closed its Initial Public Offer heavily oversubscribed
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AUSTRALIA (IRL.AX)
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