# IRL - India Resources



## adobee (5 June 2007)

I have read a brief article in relation to India resources this morning however cant find any posts in relation to this company. If anyone can direct me to a thread on this please do else if there arent any and people are familiar with the company perhaps we can start a new one here.


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## Kauri (5 June 2007)

*Re: India Resources*

Out of todays West Australian on the new float India Resources..
*Kiernan eyes hot debut for India play 
*

_5th June 2007, 9:00 WST

_

Mining veteran Michael Kiernan will hope that Twiggy-mania rubs off on his latest venture tomorrow when India Resources makes its sharemarket debut. 

Andrew "Twiggy" Forest has emerged as one of India Resources' biggest share and optionholders, having invested in the company’s initial public offering. 
Joining Mr Forrest on the list is prominent Perth company director John Poynton and Mineral Resources co-founder Chris Ellison. 
India Resources raised $11 million in its IPO, including $1 million in oversubscriptions, after selling shares at 20 ¢ each. India Resources will have a $16.2 million market capitalisation when its shares start trading.

Mr Kiernan set up India Resources to invest in and develop metal opportunities on the resources-rich subcontinent. 
Based on the sharemarket success of other companies backed by Mr Forrest, India Resources could well be in for a strong debut. 
In addition to Mr Forrest’s flagship, Fortescue Metals Group, which hit another record high of $41.08 yesterday, Niagara Mining has also enjoyed a stunning share price run. 
Not that Mr Kiernan is short of supporters himself. 
The serial director, whose interests include Territory Resources, Monarch Gold and Uran, is the biggest individual shareholder in India Resources, with a stake of about 6.2 per cent. 
PETER KLINGER


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## alankew (5 June 2007)

Kauri did the article give a breakdown of the total holding of all the top 20.Recently got onto ZNC in snother ipo and the top20 held about 70% and this really boosted the price in the 1st few days.Thanks  in advance if you have the info


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## Kauri (5 June 2007)

alankew said:


> Kauri did the article give a breakdown of the total holding of all the top 20.Recently got onto ZNC in snother ipo and the top20 held about 70% and this really boosted the price in the 1st few days.Thanks in advance if you have the info




  Have attached the top 20 holders... also have attached the top 20 option holders... note that some holders hide behind nom accounts etc..


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## adobee (17 July 2007)

MEDIA RELEASE 17 JULY 2007
INDIA RESOURCES TO COMMENCE PRODUCTION EARLY 2008 -
MARKET UPDATE
Diversified minerals developer India Resources (ASX:IRL) is on track to *commence copper production
in the first quarter of 2008, *


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## Pommiegranite (18 July 2007)

I have just bought a position in this stock. The fundamentals appear to be excellent. With so much of my portfolio still in the exploration stage, I wished to add a near producer. IRL fits the bill. 

They have many projects in India, where operating costs are much less that other countries. For our lady investors, they also have Diamond appeal!

Any comments on the fundamentals or chart which I have added?

*INDIA RESOURCES LTD (IRL)*


*CAPITAL STRUCTURE*

Shares - 16,200,000
Options - 10,831,200


Total Diluted Market Cap

@ 0.325 - $43,925,700


*DIRECTORS*

*Michael Kiernan - Executive Chairman*

Over 30 years experience in manganese, chromite, iron ore, nickel, gold, coal and copper/zinc projects. Founding Managing Director of the diversified minerals producer Consolidated Minerals.

*Eoin Rothery - Managing Director*

Extensive experience includes three world class mines Jundee, Broken Hill and McArthur River together with vast international and diverse geological environments. Has track record of significant exploration success particularly in manganese, gold and zinc discoveries. Previously held the position of General Manager Exploration with Consolidated Minerals Limited.



*MEDIA*

*Resource Stocks Magazine: http://www.indiaresources.com.au/files/India_Riding_the_Next_Wave.pdf*




*PROJECTS*


*Surda Mine – Copper + Nickel, Molybdenum, Cobalt, Gold, Silver & Uranium*

*Production – Q1 2008 - Target *- *4,500 tonnes of copper concentrate pa*

The Surda Mine is located in Jharkhand State within the Singhbhum Mobile Belt of eastern India. The Singhbhum belt comprises a 200km long, east-west trending arcuate belt of folded supracrustal rocks, overlying the northern margin of the Singhbhum-Orissa Craton. The belt is host to a number of mineral deposits and existing underground copper mines. 

*The Surda Mine is part of the Indian Copper Complex, a group of six mines owned by HCL that operated between 1928 and 2003.*. 

The Surda Mine represents an early opportunity for IRL to access and evaluate a producing copper operation in India, with *significant potential based on historical production figures of 8,986,348 tonnes at 0.95% Cu. *



*Hindustan Copper Limited - Exploration MOU*

IRL has the benefit of a Memorandum of Understanding (MOU) for general exploration on HCL’s various leases including tenure around the Surda Mine and around HCL’s current operations at Malanjkhand and Khetri. IRL will undertake detailed evaluation of exploration areas to be determined in consultation with HCL. 
To ensure cost effective and quality exploration drilling, IRL intends to engage Swick Mining Services Limited who are renowned as competent and experienced Western Australian drilling contractors with nearly 50 years of operation


*Aravalli Base Metals – Zinc, Lead & Copper*

IRL has acquired the Aravalli project which is an advanced exploration asset in a recognised zinc-lead-copper mineralised region with three operating mines. The project consists of two Reconnaissance Permits (RPs) in Rajasthan (North-Western India) including Relmagra, 1905 sq km area 50km north-east of Udaipur and Nasirabad, a 670sq km area 20km south-east of Ajmer.
*As per recent company announcement – drilling ramped up and to commence August 2007*

*The total strike length of the anomalous mineralisation trends within our Reconnaissance Permits amounts to a minimum of 50 km. *

*Relamagra RP*
The Relmagra RP lies within the Bhilwara belt. Lead-zinc deposits occur throughout the belt, hosted by calc-silicate bearing dolostones and graphite-mica shchist horizons. 
*The prominent feature of the Relmagra RP is the operating zinc-lead mine at Rajpura-Dariba in the centre of the lease, on an excised mining lease*. 

*Nasirabad RP*

The Nasirabad RP lies within the Delhi belt with the major deposits of Kayar and Rampura Agucha located 20km North East and 40 km South of the RP. These are lead zinc, but the main potential in the Nasirabad RP is copper as there are several known occurrences in close proximity, all appearing to be associated with the major shear zone that separates the Delhi belt in the northwest from the Bhilwara belt to the southeast. 


*Diamonds*

The Company’s diamond initiative will focus on the Bhandara Diamond Project which is made up of seven granted reconnaissance permits in Orissa, as well as three reconnaissance permit applications in Chhattisharh. 
The strategic interest in diamonds is underpinned by the fact that India has the world’s biggest diamond processing industry and major diamond companies including *De Beers, the world's biggest diamond miner are active in the country and has an active exploration program underway on ground adjacent to one of India Resources’ tenements. *
The company’s diamond exploration activities are focused on three project areas, Bhandara, Dhawar and Bundelkhand, located in three established diamond-bearing kimberlitic fields in peninsular India. 


*Coal*

IRL is currently holding discussions with Cooks’ Constrcution Pty Ltd, Australia’s largest privately owned earth moving and mining contracting company with extensive coal mining experience, with a view to establishing a joint venture. It is intended that any resulting joint venture entity would apply for rights to explore and develop coal projects in India. 
With an increasing coal demand that outstrips the supply, India is seen as having big coal mining potential for foreign companies



*CHART*


After spiking upon listing, this stock has suffered a gradual sell off over the last month for non fundamental reasons. With 3 consecutive updays, I have now taken a position, as I see this as the beginning of a reversal.


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## sharemadder (23 July 2007)

With this company going into early production in 1st quater of 2008 this has to be very much undervalued.  Low shares on issue and still low market cap.  I'm mistified why?


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## sharemadder (25 July 2007)

*This is a sleeping giant *

*MEDIA RELEASE **17 JULY 2007*
*INDIA** RESOURCES TO COMMENCE PRODUCTION EARLY 2008 -*
*MARKET UPDATE*
Diversified minerals developer India Resources (ASX:IRL) is on track to commence copper production
in the first quarter of 2008, with promising geological analysis of historical mine data at its primary
Surda project, and refurbishment of the plant continuing ahead of schedule.
India Resources Chairman Michael Kiernan said several high grade zones had been identified which
are now the target of further testing.
“Production is expected to commence in the first quarter of 2008 with the review of the Mosaboni
concentrator plant at the Surda mine now complete and refurbishment underway,” Mr Kiernan said.
“We have hit the ground running from our ASX listing last month and have also gathered a clearer
understanding of the Surda mine area, with several high grade zones identified which we will
selectively target for exploration and mining.”
The Mosaboni concentrator, which is where the Surda copper is processed, has a total annual
capacity of just over 900,000 tonnes of ore.
For the six years prior to its closure in 2003, the Surda mine produced 1,473,000 tonnes at an
average grade of 0.9% copper. IRL, in alliance with Hindustan Copper Limited, has an annual
production target of 4,500 tonnes of copper metal in concentrate.
The company advises it is also ramping up exploration at its Aravalli base metals project, which is
being targeted for copper, lead and zinc deposits. Geological Survey of India (GSI) summary reports
have identified highly prospective areas within the Relmagra Reconnaissance Permit. A drilling
program is aimed to commence in early August.
Mr Kiernan said development of these and other projects in India would allow shareholders to
capitalise on the huge potential of the India resources industry.
“We believe that investors have a great opportunity within this sector – India has world class ore
bodies with others yet to be discovered. India’s resources industry is relatively underdeveloped using
modern exploration and mining techniques,” Mr Kiernan said.


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## Spaghetti (27 September 2007)

This stock caught my eye after reading following article in mining news. Smallish volume but seems to be headed in the right direction after a slump.

INDIA Resources' Surda copper mine is expected to be in full production by December, several weeks ahead of schedule, after the first 900 tonnes of ore was raised.

The company said refurbishment work at the mine, which closed in 2003, was well advanced and the concentrator should be operational next month.

Earlier estimates stated the mine would ramp up to full production early next year but India Resources chairman Michael Kiernan said the project was progressing well.

"With more than 200 people on the ground in India, we are making great strides towards completing the refurbishment of the mine and the Mosaboni concentrator plant," he said.

Kiernan said the company was also exploring potential expansion opportunities in India with its alliance partner Hindustan Copper and has been short-listed amongst bidders for the Banwas project, which will be tendered in November.

Surda produced more than 1.47 million tonnes at an average grade of 0.9% copper during its six-year life to 2003 and the refurbished mine has a production target of 4500 tonnes per year.

The company has selected two initial mining targets which are estimated to contain between 5-600,000t averaging about 1% copper.

The concentrator has a capacity of about 900,000t ore and the initial production at Surda is projected to be 450,000t, which the company was hoping to eventually double.

Shares in India were up another 1c to 23c in morning trade, after closing 1c higher yesterday.

http://www.miningnews.net/storyview.asp?storyid=118953&sectionsource=s0


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## Spaghetti (27 September 2007)

Wow, sorry should have posted earlier, has taken off just in the last little while. Up 17% all of a sudden.


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## gilbertw (28 September 2007)

I hold this stock and I believe the SP will continue to surge over the next few months as copper production comes on stream. Top management, top projects and diversified, located in India should mean low costs of production too.

I predict the SP will be $1 by the end of January. Producing in december...

What is interesting is that I have not heard one bad comment about this company... everyone is positive and why not...

Good shareprice rises lately on the back of a strongly rising ASX and production announcements...

Time to sit back and watch this one roar over the medium term I think


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## doctorj (28 September 2007)

gilbertw said:


> I predict the SP will be $1 by the end of January. Producing in december...



Any chance of some support for that number (technical or fundamental) please?

I don't mind the look of IRL, but it wouldn't surprise me to see a placement later in the year to get them over the line at their copper project and to get some of their other things cracking.


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## sharemadder (28 September 2007)

Rough numbers to support $1 SP by Xmas

Any thoughts?

With initial production of 450,000 tonnes of Ore a year through the concentrator what will SP be worth?

Very Basic Calcs

450,000 tn * 1000 kg * 2.2 (lb conversion) * 1% Cu grade (assume full extraction) * $3 lb for Cu = US$29,700,000 Gross

Double that when they get the concentrator to 900,000 tonnes production plus then further upgrades.

With shares outstanding of 81,789,065 I expect we will see $1 + soon especially towards December when mining is expected to be in full swing. 

Then there's more with the large number of other leases / projects such as diamonds in India which they intend to begin exploration soon.

I think IRL has huge potential over next 12 months.  Strong management in Aussie and strong backing from Indian partners.


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## doctorj (28 September 2007)

Doesn't the indian government have a share in the project?

Any idea what their costs might be?  Recovery rates?


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## sharemadder (28 September 2007)

*[FONT=Arial,Bold]About India Resources[/FONT]*​ 
The company is headquartered in Perth, Western Australia with the primary objective to maximize shareholder wealth by capital growth and dividend through the discovery of economic mineral deposits and the development of profitable mining operations.​ 
IRL is applying Australian exploration expertise and cost effective mining techniques to project in India, to capitalise on country huge growth and market opportunities.​ 
The Company’s portfolio of assets comprises:​ 
*Hindustan Copper Limited - Surda Mine*​ 
The Company has the benefit of an alliance with Hindustan Copper Limited (HCL - a Government of India enterprise) with the initial focus on identifying existing operations and areas where large-scale mineralisation has been proven. HCL is the sole integrated producer of primary copper in India and is listed on the Mumbai, Delhi, Kolkata and Madras exchanges.

IRL, in alliance with HCL, plans to re-open and operate the Surda Mine with an initial objective of delivering annual production of 4,500 tonnes of copper concentrate. The HCL Surda Mine closed in January 2003 and for the six years prior produced a total of 1,473,000 tonnes at an average grade of 0.9% copper.​ 
*Hindustan Copper Limited – Exploration MOU*​ 
IRL has the benefit of a Memorandum of Understanding (MOU) for general exploration on HCL’s various leases including tenure around the Surda Mine, and around HCL’s current operations at Malanjkhand and Khetri. IRL will undertake detailed evaluation of exploration areas to be determined
in consultation with HCL.​ 
*Aravalli Project*​ 
The Company has acquired two Reconnaissance Permits in Rajasthan (north western India). The permits cover a combined total of more than 2,570 square kilometers. The Aravalli Proterozoic metamorphic belt is prospective for copper, lead, zinc as well as gold. IRL has recently completed a reconnaissance drilling program with positive results.​ 
*Coal*​ 
As has happened in China, India’s rapidly growing economy is driving a surge in demand for power. IRL is currently seeking suitable projects for rights to explore and develop coal projects in India.​ 
*Diamonds*​ 
The Company’s diamond initiative will focus on the Bhandara Diamond Project which consists of seven granted Reconnaissance Permits in Orissa, as well as three Reconnaissance Permit applications in Chhattisgarh, located in the region of several kimberlite ore bodies.​ 
Visit: www.indiaresources.com.au


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## PBH (5 October 2007)

This one is not without risk; 

From the financial report: "The Directors are in the process of assessing various options for the raising of sufficient
additional equity funds to enable the Group to meet its commitments under the HCL agreement and
other operating commitments. The Directors’ expect to have raised the additional equity funds prior
to 31 December 2007.
Should the Directors’ not be able to raise sufficient additional funds, there is significant uncertainty
whether the company and the consolidated entity will be able to continue as a going concern and
therefore whether they will be able to pay their debts as and when they fall due and realise their
assets and extinguish their liabilities in the normal course of business and at the amounts stated in
the financial report".

Will be interesting to see how the fundraising goes...


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## rafsanjani (5 October 2007)

Pretty positive note on future copper demand in India --- not a bad place to be producing copper

http://www.commodityonline.com/news/topstory/newsdetails.php?id=2977

 2007-10-04 13:49:48

India’s copper use to go up in a big way
Commodity Online
MUMBAI: With an infrastructure boom looming large over the country, India is set to witness a big leap in the consumption of copper in the coming days.

According to reports, India will see its copper consumption going up by around 10 per cent compared with the world average of 4.56 per cent.

The government’s rural electrification plan coupled with the urbanisation of semi developed cities are likely to drive copper demand over the next decade.

Currently, India consumes approximately 6 lakh tonnes of copper with a per capita consumption of 0.4 kg.

The Chinese average for the same is 2.6 kg and the developed country average is 15 kg. The country produces approximately 8 lakh tonnes of copper, with secondary copper accounting for 25 per cent.

With the demand for energy increasing with urbanisation, the power and electronics industries are likely to attract more and more investments towards the end of the 11th Five Year Plan, which requires an additional capacity of 100 gw.

Currently, with an existing capacity of 124 gw, the country faces a shortfall of 7.3 per cent and a peak load shortfall of 11.7 per cent.

The power sector’s consumption of copper will remain high as the energy demand is estimated to grow at 6-7 per cent annually.


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## Miner (7 October 2007)

I am afraid as  the share price has remained sluggish and never crossed the price it traded immediately after listing and only soft announcement of gettnig lease of diamond etc with no positive inclination how it will ensure - it could be a *dodgy investment *for many.
The option price is going disproportionate with share price considering it was a freebie when the share was listed.
ANy one has a concrete other than those soft announcement to suggest the share price will really touch 50 cents before Dec ?

Regards

Miner


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## Rimtalay (22 October 2007)

www.minesite.com
October 17, 2007
*
Mr Kiernan Goes to India Hand-in-Hand With Hindustan Copper*


By Our Man In Oz


*
Take your eye off the ball in sport or business and someone else will seize it. Australia learned that last week when it’s old enemy, England, took its opportunities to score a famous rugby victory. Consolidated Minerals, a business which has had its attention diverted by multiple takeover bids and time-consuming defence is now watching one of its enemies seize the day in India. Michael Kiernan, one-time chief executive of ConsMin has picked up a ball dropped by his former company to create a new business based initially on an old copper mine near Calcutta. First ore was hauled to the surface by the aptly-named India Resources at the Surda mine three weeks ago, and first copper concentrate should be produced early in the New Year. It’s not a big project, and Kiernan is keen to keep a low profile in a difficult country, but it is a project with considerable potential, and it is a project which his old firm dropped which adds to the interest.*
The Surda opportunity, which involves a joint venture with India’s dominant copper producer, Hindustan Copper, was originally designated within ConsMin as its “Indian initiative”. The plan was to apply geological and mining knowledge gained in Australia to the conditions found in India. As all geology students learn in their first year, India, Australia and Africa, were once joined in the giant southern super-continent known as Gondwanaland. It’s this geological link which largely explains why similar mineralisation is found in Australian, India and South Africa – iron ore, diamonds and gold being commodities which bring the regions together.

Geology might be the link, but politics is the difference. Australia is an easy place to explore and mine. South Africa, with its race issues, somewhat harder, and India, courtesy of a civil service designed by Sir Humphrey Appleby of Yes Minister fame, all but impossible. ConsMin discovered this three years ago when it made little headway with its India Initiative despite Kiernan egging things along. When management and ownership issues swamped ConsMin it dropped the plan, only to watch Kiernan, who has been stalking his old firm with an eye on revenge as much as profit, swoop in to claim the deal, and strike a novel business arrangement with an Indian partner.

“One thing I learned about doing business in India is that you must have local involvement, and a local partner,” Kiernan told Minesite. To that end, he appointed a senior local representative and teamed up with Hindustan Copper. Their plan is to re-open Surda, which last produced in 2003, and target initial annual production of 4,500 tonnes of copper in concentrate. This material will be acquired by Hindustan at what is believed to be a substantial discount.

How big a discount is a secret. However, Minesite’s Man in Oz reckons that a casual observer wouldn’t be far off the mark to assume a discount of somewhere between a 33 per cent and a 50 per cent of the London Metal Exchange copper price on that initial 4,500 tonnes, a contribution which might best be seen as the “entry fee” India Resources must pay to do business in a complex country. Once up an running Kiernan is confident that India Resources will be accepted as a useful contributor. It is, for example, expected that the introduction of highly-efficient Australian mining techniques, will quickly get Surda’s output above the start-up target. Copper produced above the 4,500 tonne mark is likely to receive the full LME price.

Details are yet to be fully revealed, but there is little doubt that India Resources is off and running. A few days ago the company announced a fresh A$20 million capital raising pitched at A20 cents a share. Kiernan said the funds would be partly used to expand Surda. “We are now on the cusp of full time mining at Surda,” Kiernan said. “Refurbishment work on the mine and the associated Mosaboni concentrator is nearly complete, with a team of more than 200 people on the ground making great strides, and all key plant and infrastructure in place or on order.” Kiernan said India Resources was also continuing a strategic exploration programme on a range of commodities throughout India, to capitalise on the largely undeveloped potential in the country.

Kiernan’s plan for India is to avoid setting himself up as a big target, no small feat for a big man. He told Minesite that he has watched bigger Australian companies go to India with the same geological theory in their briefcase, and fail miserably. “India isn’t an easy market, but neither was China when we started doing business there,” Kiernan said. “But, if you can find a way into the economy the opportunities are enormous. The lights blinking in New Delhi are an obvious sign that coal is an excellent exploration target for us. Diamonds are another opportunity which is coming our way.”

There is no attempt by Kiernan to hide the fact that his India Initiative is a direct pinch from ConsMin. The board structure of the India Resources says as much with Kiernan joined by Allan Quadrio, Andrew Simpson, and other ex-ConsMin executives in much the same way as this team can be found at Territory Resources, a Kiernan-led iron ore miner in Australia’s Northern Territory. The typical straight talking Kiernan said of India that he was “not betting the farm, just a paddock”. The plan is to be opportunistic and to prove that Australian expertise can “dig and deliver” in a way which is faster and cheaper than traditional Indian methods, and to work closely with partners such as Hindustan Copper. “It’s really a work in progress,” Kiernan says. “But it’s showing a lot of potential, especially as India moves to free up its economy to overseas investment.”

On the market, Australian investors are starting to show an increased awareness of Kiernan’s India play, despite a traditional reticence when it comes to foreign destinations. Over the past few days as news of Surda’s production start and expansion plans filter through the share price of India Resources has crept marginally higher. From around A21 cents in late September the stock is now trading around A23.0 cents cents, which values the entire company at a very untaxing A$12 million – which Kiernan might note is about the price of a paddock on a good farm these days. (Must be a bloody big paddock! Ed)


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## Jack_Junior (28 October 2007)

Hi all,
Does anyone have any up to date news on IRL?
I hold a solid amount of this stock and would have thought that they were a good chance of getting back to somewhere around the 40 cents or so they first listed at as all the documented news on them has been positive but the share price has  dropped a little over the past month or so and I would have thought that it may be on the move with the commencment of production at Surda not far off.

Any info not found on the IRL website would be much appreciated

Cheers


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## doctorj (28 October 2007)

Jack_Junior said:


> Hi all,
> Does anyone have any up to date news on IRL?
> I hold a solid amount of this stock and would have thought that they were a good chance of getting back to somewhere around the 40 cents or so they first listed at as all the documented news on them has been positive but the share price has dropped a little over the past month or so and I would have thought that it may be on the move with the commencment of production at Surda not far off.
> 
> ...



I'd suggest it's probably the shadow of a placement they're likely going to have to do to get Surda over the line come Q1 CY07.


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## Miner (29 October 2007)

Currently there is a non renouncible rights issue with attached option at 20 cents. Existing listed option has dropped down to 8 cents and current shares have dropped down at less thatn issue price. If you consider at the time of listing it was 40 cents for share and 20 cents for option. WIth additional sharess issued at 20 cents the excess dilution will probably make the share price at 16 cents.
However reading between the lines the production at copper plant to begin in January 08 (?). Even some delay will come due to Christmas etc the actual production will not be later than March 08. The share price will take a turn around (I am holding my bit too as after buying them at 36 cents I can not just dump them at a big loss - psychologically).
I have had a chat with a senior executive of IRL couple of months back and he vaguely advised to hang on the shares until March 08. He definitely has vested interest being a company executive - but should I listen to him or dump ?
Smart people like Chris Ellison (MIN part owner, ex MD of Monadelphous), Andrew Forest etc are major investors.
What the fourm group  about IRL - future ?

Regards


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## jonojpsg (29 October 2007)

Hey Miner,
I bought into IRL a few weeks ago @ 26 after reading about them (can't remember where?) but based on their potential production

4500 tonnes Cu @ $8000/tonne = $36million gross revenue
less costs ? maybe $6000/tonne = $9 million net income
with 165 million shares after rights issue, gives 6c per share which at current SP of 21c is pretty good.  If they double to 9000 tonnes p.a. then the equation looks even better.  

Obviously other things to take into account like discount price of Cu to Hindustan as part of the deal with them, but anything over the initial 4500 tonnes production is at LME prices, so I would have to agree that SP will be rerated by Mar 08.

Just my


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## adobee (29 October 2007)

I hold a small parcel and recently received the placement / options info..
I paid way to much but seeing its a small parcel have put it away for long term, i too think once they commence production and get some income flowing things should be a lot more positive however till then I cant see any growth there doesnt seem to be much confidence in the stock. On the upside the projects and management both seem good, and production close.


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## Rimtalay (2 November 2007)

IRL features in a interview with the Wall Street Journal

http://www.wallstreetreporter.com/page.php?page=featured&tab=2&id=27389

IRL plans to re-open and operate the Surda Mine with an initial objective of delivering annual production of 4,500 tones of copper concentrate. The HCL Surda Mine closed in January 2003 and for the six years prior produced a total of 1,473,000 tonnes at an average grade of 0.9% copper. Production is targeted for start up in Dec07-Jan08. IRL also has a couple of exploration projects in the resource rich states of Rajasthan and Orissa.


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## adobee (2 November 2007)

INDIA INTO COPPER PRODUCTION AHEAD OF SCHEDULE Diversified minerals explorer India Resources (ASX:IRL) has today commenced copper concentrate production at its Surda project in eastern India. The production milestone has completed a rapid period of development for India Resources, which is in production two months ahead of schedule and less than six months since it listed on the Australian Stock Exchange (ASX). India Resources Chairman Michael Kiernan said production of first concentrate at the Mosaboni Concentrator at the Surda project was a significant achievement for India Resources and its shareholders. It follows the hoisting of first ore from the Surda mine in September. “We are into copper production, and are now poised to capitalise on India’s copper potential with leading edge mining techniques, and access to one of the world’s largest markets,” he said. “The Mosaboni plant is fully functional, has produced its first concentrate and will now be ramped up toward full production and our initial annual target of 4500 tonnes of copper concentrate per year,” Mr Kiernan said. India Resources expects full scale mining at Surda to start ahead of schedule in December. The Company has more than 200 people on the ground in India. The Mosaboni concentrator has a total annual capacity of more than 900,000 tonnes of ore. The initial production at Surda is projected at around 400,000 tonnes per year. For further information, please contact: Michael Kiernan Eoin Rothery Warrick Hazeldine Chairman Managing Director Purple Communications Tel: +61 (0) 8 9324 7002 Tel: +61 (0) 8 9324 7009 Tel: +61 (0) 8 9485 1254 Mob: 0418 904 165 Mob: 0420 904 332 Mob: 0417 944 616


Market re-acting postively to this news of production..


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## Jack_Junior (2 November 2007)

So where to from here guys and girls?????
What kind of share price would we be looking at in the coming months?
I bought in at 24c some two months ago and am trying to get an idea of what kind of price I should be targeting in the medium term.

Typically the announcement came on a big down day on the ASX


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## prawn_86 (2 November 2007)

i dont know much about the co personally, but in the short term the market tends to appreciate when companies begin cash flow, so i would think that 30 - 35c would be an acheivable target.

providing the market stays around these levels...


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## DionM (12 November 2007)

*Options (as issued recently in IRL)*

I didn't know whether to place this in the IRL thread or here ... probably here since it's a beginners question.

I signed up to buy some more IRL shares and as part of the purchase plan, there were attached options.  To quote:



> India Resources Limited (ASX:IRL) (Company) announced yesterday that it will be offering eligible shareholders the opportunity to acquire additional fully paid ordinary shares in the capital of the Company together with options over shares via a non-renounceable rights issue (Rights Issue) on the basis of 1 share for every 1 share held at the record date of 17 October 2007 together with a free attaching option for every 1 Share subscribed for.
> The Company wishes to confirm that the options to be issued under the Rights Issue will be in the same class of the Company’s current listed options.
> In accordance with the terms of options on issue, optionholders will not be entitled to participate in the Rights Issue unless they exercise their options (in accordance with the terms of the options).




I look in my commsec account, and as well as increasing my shares of IRL, I can see IRLO.  Currently trading at around 6cps.

Do I correctly understand that these were acquired free, I can sell them or do whatever I like with them?

I have some learning to do about options I guess.  Like, what happens when they expire (Dec 09) ?  Do they get converted to ordinary shares automatically, do I have pay a difference?


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## silence (12 November 2007)

*Re: Options (as issued recently in IRL)*

Yes you can sell them, but if you think the company's shares will rise substantially by DEC 09 you'd want to keep them. Assuming they are American style options (may have to check on that), they can be exercised at any point until they expire. 

Being a call option they are the option to BUY shares at the strike price before DEC 09. So at any point in time when the shares are higher in value that the strike price, you would profit if you exercised the options to buy the shares and sold the shares straight away. For that reason, the option will also rise in price so you can just sell it instead of exercising it.



Since I don't know the stock in particular, here's an example.

Stock ZZZ is $1. You have an option with an exercise or strike price of $2. It only has 'time' value now, probably a few cents. If the stock rises to $3, your option now has $1 (3-2) of intrinsic value, and a few cents of time value. If you were to exercise the option at that point, you would buy the shares at $2 and could then keep them, or sell them for $3. It would probably be silly to exercise the option and sell them when you could just sell the option for slightly over $1.


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## DionM (12 November 2007)

*Re: Options (as issued recently in IRL)*

Thanks silence - think I understand


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## sharemadder (13 November 2007)

Plenty of cash now to double copper concentrate production 

COMPLETION OF SHARE ENTITLEMENT OFFER AND PLACEMENT

India Resources Limited (“Company”) announced a non-renounceable share entitlement offer on 8 October 2007. The offer closed on 5 November 2007. As previously advised to the ASX eligible shareholders lodged acceptances for a total of 40,958,197 and the total shortfall was 41,326,872.

Pursuant to Section 1.9 of the offer document, the Directors have received agreements to place the entire shortfall of 41,326,872 shares. The shares will be allotted by 13 November 2007.

The Company is pleased to advise that it has also agreed, as previously announced on 8 October 2007, and subject to the successful completion of the allotment of the issue above, to raise $2.36 million (before costs) through a share placement of 11,800,000 fully paid shares with a free attaching option, at a price of 20 cents each, to institutional and sophisticated investors.  This is due to settle and be allotted by 16 November 2007.

The above capital raisings have successfully raised a total $18.8m and provides the funding towards doubling the copper production at our Surda copper mine in India which commenced operation earlier this month ahead of schedule.


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## adobee (13 November 2007)

prawn_86 said:


> i dont know much about the co personally, but in the short term the market tends to appreciate when companies begin cash flow, so i would think that 30 - 35c would be an acheivable target.
> 
> providing the market stays around these levels...





This owes me 40c (only a small parcel) looking at its charts I dont even know how I paid this much. Maybe I typed incorrectly or something.. Anyhow I have taken it off my watch list and hope to forget about it.. That way in two years when I remember I might be pleasantly surprised..


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## DionM (22 November 2007)

Markets don't seem to like this one much, do they?

Positive news on production starting but the SP still sits at a 3c discount to the recent 20c placement.  I suppose having the offer undersubscribed wasn't a good sign either.


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## Miner (24 November 2007)

Dear Jack Junior
You are lucky.
I bought the share at 37 cents and option at 20 cents.
Insult to injury I again bought the rights at 20 cents just to see it going down at 17 cents. I am still holding it with hope (!)
Michael K (famous Consolidated Chairman) is also the chairman for this company and the copper site is really very good. The senior management is also very good. But since MK is too busy in else where including building his assets in MON so IRL is currently a bad boy in share market.
Probably I have posted it before, the share is worthy to hold until March 08. Remember no cyclone will be at India from now to March and the weather and productivity will be fantastic as well.
Keep fingers crossed.


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## sharemadder (24 November 2007)

Excellent agm presentation - click here.

This is one company worth holding onto. Cashflow Q1 2008 and further projects / leases to be explored. 

$20 mill in the bank and market cap < $30 mill 

Cheers


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## DionM (24 November 2007)

sharemadder said:


> $20 mill in the bank and market cap < $30 mill





... and only 1880 shareholders?  Seems fairly tightly held ....

(this is some padding to meet the 100chars rule)


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## lazyfish (25 November 2007)

jonojpsg said:


> Hey Miner,
> I bought into IRL a few weeks ago @ 26 after reading about them (can't remember where?) but based on their potential production
> 
> 4500 tonnes Cu @ $8000/tonne = $36million gross revenue
> ...




From what I know they are aiming to produce "4500 ton of copper _concentrate_". This is tricky because if you look at one of their anns, or was it the prospectus, the metallurgical works was done on a high recovery of about 98%, but the concentrate grade is only _25-28%_. Logical because the smelter is close by, and I don't think the deposit is huge. However the plant, when fully upgraded, should be able to handle 900,000 tons and at 1% it should be 9000 tons of copper. So I have no idea which one we should be looking at.

To be conservative 4500 x 0.25 x 8000 = $9 million dollars gross (assuming no discount). Extraction using the current shaft is difficult, that's why I think it was quite slow and inefficient to mine and they are looking at doing a decline, would cost around 4M (not sure when that would happen). Also the plant needs a bit of work to get to 9000 tpa production. I think Michael said during AMEC today that it would cost around 10M, if I didn't hear him wrong. The cash they have now should be enough to fully fund this development.

Does anyone have any idea about mine life?


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## lazyfish (26 November 2007)

IRL has several projects in India. The most advanced project is the Surda project (copper). The HCL Surda Mine closed in January 2003 and for the six years prior produced a total of 1,473,000 tonnes at an average grade of 0.9% copper. The good thing is that the mine and the 900kt concentrator is literally free. And the smelter is only 5km away. Currently, the company plans to produce 4500 tons of concentrates pa of grade averaging 25-30%. The bad thing is IRL has a deal with HCL (expiry 2014), to sell concentrates at a discount price. How much of a discount is still a secret, but we can speculate that the worst case scenario would be a 50% discount to the first 4500 tons of concentrate and the rest would be at LME price. The initial production without the ramp up would be 4500 tons of concentrate pa.

Curiously, I asked Chairman Michael Kiernan what the Indians were doing wrong. He explained that because they were mining using a shaft, the mining process is grossly inefficient. IRL plans to dig a decline and produce 9000 tons of concentrates. Given that the concentrator has a capacity of 900,000 tpa, at 0.9% it could produce nearly 30,000 tons of concentrate grading 25%. So I think this 9000 tons pa estimate is very conservative.

Regardless, let's use that for calculation.

4500 * 0.5 (discount) * 25% * 4000 (less mining costs) + 4500 * 25% * 4000 = 2,250,000 (pre ramp up, discounted concentrate) + 4,500,000 = $6,750,000 pa. That gives a PE of 4.7, in the worst scenario. This is not taking IRL's other interests, which are showing promising drilling results into consideration.

IRL has sufficient cash to fund the ramp up (decline - est 4M + upgrade of concentrator - est 10M).

Snap Shot:
Market Cap: 28M (non-diluted, all oppies exercisable price above current sp)
Sp = $0.170
Cash: 21M
Oppies exercise price = 20-60 cents
MD recently participated at rights issue at 20 cents a share (spent 100k)


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## Miner (26 November 2007)

lazyfish said:


> IRL has several projects in India. The most advanced project is the Surda project (copper). The HCL Surda Mine closed in January 2003 and for the six years prior produced a total of 1,473,000 tonnes at an average grade of 0.9% copper. The good thing is that the mine and the 900kt concentrator is literally free. And the smelter is only 5km away. Currently, the company plans to produce 4500 tons of concentrates pa of grade averaging 25-30%. The bad thing is IRL has a deal with HCL (expiry 2014), to sell concentrates at a discount price. How much of a discount is still a secret, but we can speculate that the worst case scenario would be a 50% discount to the first 4500 tons of concentrate and the rest would be at LME price. The initial production without the ramp up would be 4500 tons of concentrate pa.
> 
> Curiously, I asked Chairman Michael Kiernan what the Indians were doing wrong. He explained that because they were mining using a shaft, the mining process is grossly inefficient. IRL plans to dig a decline and produce 9000 tons of concentrates. Given that the concentrator has a capacity of 900,000 tpa, at 0.9% it could produce nearly 30,000 tons of concentrate grading 25%. So I think this 9000 tons pa estimate is very conservative.
> 
> ...




Thanks for your update.
Where as I have no doubt on the future of IRL few things were appeared to be interesting.
Why Michael K is hiding the level of discount to HCL (Hindustan Copper)? If he has asked the investors to fund the rights then as an investor himself he should not keeping the secret card close to his chest. Is not it unethical as per ASIC code of conduct as he can manipulate the factual information in his favour ?
$100 K investment on rights is peanut for him considering the level of free issue options he has . Aa a promoting director he  needs to demonstrate his faith in the project  by investing more like he has done in MON or Mr Talbot has done in SDL.
Ironically readin teh annual report and other corporate information from the website Mr Michael K's Chief Operating Officer is in Indian, his Main person in INdia is an Indian and the most of the crew are indians. There are handful of Australian expats. How he is going to turn the wheel in an alien country with 95% people from India, Indian bureaucracy, 'honest'politicians, 'honest' law and order protectors, and in the state of Jharkhand  where abiding of law is a funny concept.

Any way I am still hopful because our Midas Michael  will do something like others are doing in the same place : Mittals and Tatas - keeping the administration in good book. 

Regards


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## lazyfish (27 November 2007)

Hi Miner,

Agreed that they should not have kept investors in the dark for so long, but then I heard they are planning to release the info on the deal "soon". The rights issue was taken up by Eoin Rothery, not Michael himself. I think Michael said during the AMEC presentation that he would put some money in when he manages to find some spare money,  lol that was not terribly convincing...

I really wish you had asked him about his Indian crew last Saturday


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## sharemadder (29 November 2007)

DJ Five Cos In Running For India's Kehtri Copper Mine - Report29/11/2007 08:24AM AEST 

SYDNEY (Dow Jones)--Oxiana Ltd. (OXR.AU) is one of five companies shortlisted to take control of the Kehtri copper deposit in northern India, said the Australian Financial Review Thursday. 

*Citing Hundustan Copper Ltd. (513599.BY) executive director O.P. Singh, the newspaper said India Resources Ltd. (IRL.AU) and Anglo American PLC (AAL.LN) were also among five companies in the running for the mine. 
*
Singh said the mine, currently closed after open-pit operations were exhausted, could support annual production of up to 16,000 tons of copper metal, and had extensive exploration potential.


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## Jack_Junior (29 November 2007)

Miner said:


> Dear Jack Junior
> You are lucky.
> I bought the share at 37 cents and option at 20 cents.
> Insult to injury I again bought the rights at 20 cents just to see it going down at 17 cents. I am still holding it with hope (!)
> ...




Cheers Miner,

So what price would you be happy to sell at given our entry price.
I'm pretty much new to the whole trading game and probably dipped in a bit too big and a bit too soon into IRL.

I guess I am looking for some respected opinions of what expectations we should have as far as a medium to long term investment in the company goes.

Don't want to get out too soon or too late


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## prawn_86 (29 November 2007)

I too am keen on these guys and will post my full research shortly, although there has been some excellent fundamental analysis done already earlier in the thread.


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## prawn_86 (30 November 2007)

I have kept this fairly short as there is a lot of already good research on this thread. Particularly Pommiegranites post on page 1 detailing all their projects.

*IRL – India Resources*​

152mil shares @ 16.5c = *25mill current market cap*
		@ 20c = 30.4mill
		@ 30c = 45.6mill

90mill options @ 20c (end of 09) **not included in calcs**

Aiming to produce 4500 tonnes Cu concentrate from recently opened mine. 

4500 * 4k per tonne = 18mill 

Take out say 50% in costs = 9mill profit = *6cps profit*

Therefore PE of 10 would give 60c per share. Which is a very conservative estimate imo.

Good directors who can steer the co in the right direction and other tenements in India all points for a favourable mid-long term outcome for this one.

This seems very undervalued. Especially so as it is not taking into account any other potential from their other projects.


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## prawn_86 (30 November 2007)

Closed up 6% today, although the VWAP was still at 16.5 cents, where the price has been for the last few days.

Volume has been gradually increasing this week, but not worth writing home about.

Could 16.5c be a base forming? It would be nice, thats for sure.


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## Miner (1 December 2007)

Jack_Junior said:


> Cheers Miner,
> 
> So what price would you be happy to sell at given our entry price.
> I'm pretty much new to the whole trading game and probably dipped in a bit too big and a bit too soon into IRL.
> ...




Mate Jack_Junior
Do not know the answer to advise you. I would like to see how deep it can go.
With Khetri copper project bidding it is still speculation as in India it is not how well you have put your bid, it is added up with politics, back door calculation, contacts bla bla.

However looking into CV of Mr SP Singh who is an ex army man I am hoping he know the trick of the game compared to many others. Indian Army is traditionally very skill in negotiation as well. Do nto believe me just type BOFORS GUN SCANDAL in google there would be interesting articles.

Honestly, no matter how deep I gone into red I am hoping to recover it in March so sitting tight and if opportunities come I will buy more IRLO options at a very low price in mid Dec.

Regards


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## prawn_86 (3 December 2007)

Interesting article about MK's possible desire to consolidate his co's. 

Also i didnt even know he used to be a director of AZC!



> Kiernan outlines ambitious plan for consolidation
> Special Reports: 27-June-07 by Mark Beyer
> 
> 
> ...


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## prawn_86 (4 December 2007)

5 new indian leases to explore for diamonds granted with an agressive exploration program planned for early 2008.

Now that copper production has started it will be nice to watch them advance some of their other projects


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## lazyfish (4 December 2007)

prawn_86 said:


> I have kept this fairly short as there is a lot of already good research on this thread. Particularly Pommiegranites post on page 1 detailing all their projects.
> 
> *IRL – India Resources*​
> 
> ...




Sorry Prawn, this is not correct. It is 4500 tons of copper concentrate grading 25%-30% copper, not 4500 tons of copper metal. I have already confirmed this with management. At full price the concentrates are only worth $2000 a ton or so. With the discount factored in it would only be around $1000 per ton or so. The mine was closed for a reason (I think the Indians could not operate the mine profitably, I am not 100% sure), and I seriously do not expect IRL to make significant progress with the current shaft because they will be doing mostly what the Indians have been doing. With the decline next year, it could be another story altogether.


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## prawn_86 (4 December 2007)

Thanks Lazyfish,
I was wondering why the price difference was so large.

So heres a few quick calcs:

4500 * 20% copper = 900tons

900 * $ 2k = $1.8mill

$1.8mill / 150mill share = 0.012 = 1.2cps

Take out 50% costs = .6cps

So therefore at  current price (17c):
PE = 28.3.

So my new take on the co is that a bit of cashflow is always nice to have and once they extend the processing amount it will be even better, and allow them to focus on all their other projects without the need for capital raisings etc.

So essentially imo, it is still worthwhile, although it now depends a lot on other projects and their viability.


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## jonojpsg (4 December 2007)

prawn_86 said:


> Thanks Lazyfish,
> I was wondering why the price difference was so large.
> 
> So heres a few quick calcs:
> ...




Except now you've gone the other direction and factored in the 20% copper in concentrates as well as only allowing $2k per tonne whereas copper is more like $6k per tonne which will bump EPS up by a factor of 3 giving a PE of 9.4 although this doesn't factor in the deal with Hindustan which probably takes some away from this.

Lazyfish's comments re putting in a decline though is probably where the money will be made (we hope - I hold)


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## prawn_86 (4 December 2007)

Ahh i see what lazyfish said now, i mis-interprited it.

I read it to say that you get 25% copper out of the concentrates (i used 20%) and of that copper you get out you only get $2000 per tonne.

Whereas what he meant to say wat that you get $2000 per tonne of the concentrate totals.

hmmm sorry guys and gals


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## Miner (7 December 2007)

Dear Technical Whiz Chartists

Would one of you please draw the trend of IRL and advise in this forum how far it could bottom out with the trend before it goes up ? It will be a buying opportunity (I am hoping to average / consolidate my earlier buying at the top price of 37 cents and the rights at 20 cents by buying IRL  at a very low price now ). Did I expose myself too much to every one to know I was stupid ?
They have gone for diamond exploration where as focus will be more on getting the copper out from Musaboni and winning the Khetri Copper Tender.


Regards

Miner


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## sharemadder (10 December 2007)

BUSINESS NEWS
Surge in power capacity to raise Indian copper appetite 

Friday December 7, 02:15 PM 
By Biman Mukherji 

NEW DELHI (Reuters) - Burdened by rolling blackouts and industrial power shortages, India is bent on expanding its power capacity, potentially boosting copper demand sharply and reviving global interest in the metal. 

Because of India's roaring economy, India's power production needs to rise by 15 to 20 percent annually, and with it, lots of copper consumed to meet the demands of its billion-plus populace. 

If the projects take off as planned, India will likely have less copper to export, which could ease worries that copper demand will slump if the U.S. economy continues to falter. 

"We could turn into a net importer of copper, provided all these power projects come on stream," Hitesh Aggarwal, vice president of research at Angel Broking. 

Copper has fallen 20 percent since October to $6,755 a tonne on a dimming demand outlook. 

"The need for more power has sunk into everybody's head," said Gnanasekhar Thiagarajan, director of Commtrendz Risk Management. "We suspect that many Indian players would start making bulk purchases of copper now as prices are low." 

Because of the new building in plants and other infrastructure, India's annual copper demand is expected to more than double to nearly 1.5 million tonnes by 2012, from 600,000 tonnes now. 

The country's production is estimated at 700,000 tonnes and India usually exports between 100,000 tonnes and 150,000 tonnes a year. 

"For every addition of 1000 megawatts, there will be new demand of 10,000 to 15,000 tonnes of copper," said a senior Mumbai-based analyst, who did not want to be identified. 

"We know of at least three power projects coming up now which will consume an additional 50,000 tonnes of copper," he said. 

Domestic copper producers, including Sterlite, Birla Copper and Hindustan Copper are able to meet domestic demand now, and are able to even export small quantities. 

"We don't see the situation changing for at least two years," said the Mumbai-based metals analyst. "That is because many of the projects are still in the initial stages." 

"The picture could well change once the new power projects come on board." 

Private and state-run power firms are planning capacity expansions of nearly 60 percent over the next several years, which will not completely solve the ongoing shortages. 

"We would need to raise capacity by at least this much, if not more, to even maintain the present level of shortages," said Harry Dhaul, director general of Independent Power Producers Association of India. 

India needs to invest $1.25 trillion by 2030 into its energy infrastructure, according to the International Energy Agency. 

The country's energy shortfall touched 9 percent last year and at peak times the gap between demand and supply is nearly 14 percent. 

More than 412 million people in India have no access to electricity and some villages only get a few hours a day. 

GAPING SHORTAGES 

India plans to finalise four more of its "ultra-mega power projects," each capable of generating 4,000 megawatts, by March 2009, more than the electricity consumed by teeming New Delhi. 

The projects, which are to be located in states such as Gujarat, Madhya Pradesh and Andhra Pradesh. The country has already allotted two such projects to private bidders so far this year. 

"If the power sector takes off, then copper demand will also take off," said Sunil More, director general of the Indian Electrical and Electronics Manufacturers Association. 

"There is a new seriousness in expanding power capacity as compared to 10 years ago," More said. 

To be sure, despite the number of power projects planned over the next four to five years, the percentage of copper consumed is unlikely to go up proportionally as in other countries because of the traditional preference for aluminium in busbars, the flat strips or tubes used in electrical power distribution. 

Indians have favoured the use of aluminium over copper in certain applications because it is cheaper, albeit weaker conductor, said Ajit Advani, chief executive officer of International Copper Promotion Council's India office. 

He said that though aluminium was cheaper to buy upfront, copper was more economical if the entire life of many products were considered. 

"As energy conservation and the environment become more central to our decisions, our per-capita copper consumption would increase," he said. 

But Advani said he even expected an increase in the use of copper plumbing in India because of greater durability and better hygiene. 

India's per-capita copper consumption is slightly over half a kilogram per person, compared with 3.5 kilograms in China and 12 kilograms in developed countries.


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## sharemadder (11 December 2007)

MEDIA RELEASE 11 December 2007
SURDA STEAMS TOWARD FULL PRODUCTION

Diversified minerals developer India Resources (ASX:IRL) is on the cusp of full scale mining and production at its Surda copper project in north east India, following encouraging results from its trial mining operations.

Production at Surda commenced ahead of schedule last month and IRL has since mined about 2000 tonnes of ore, and including broken ore from previous mining activity, has crushed about 3000 tonnes.

IRL Chairman Michael Kiernan said mining and concentrating operations had performed well, and the Company had achieved its early targets for copper grades and recovery rates.

“Our active mining face shows grades up to 1.9% copper (average of 1.1% Cu), and we have achieved concentrate grades of up to 23.4%,” Mr Kiernan said.

“Trial recoveries were 80%, although we expect that to rise to 95% by January 2008, and concentrate grades to increase to 25% over that time as well.

“We now have more than 400 people employed either directly or through contractors, and our refurbishment of the mine continues ahead of schedule,” Mr Kiernan said.

While ore from the active working areas at Surda is dominated by chalcopyrite as stringers and disseminated ore, mining has also identified a zone of semi-massive sulphide (see photo overpage).

Recent mine and plant refurbishment at Surda has included reconditioning of machinery and ore bins, and refurbishment of underground working areas.

At the Mosaboni Concentrator plant, the first of two available crushing lines has been refurbished, along with one of five ball mills and one of five flotation lines. This work has allowed production to commence with ongoing improvements to increase capacity to its nameplate 2,700 tonnes per day.

“We expect to be in full scale mining this month and we are on track to achieve an initial annual target of 4500 tonnes of copper concentrate per year,” Mr Kiernan said.


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## adobee (11 December 2007)

Considering how close they are to begin mining and producing money India Resources doesnt seem to be getting much interest .. 
I am considering buying back in at 15c but have already lost money on this once so am a bit unsure. ..


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## prawn_86 (11 December 2007)

They are starting to ramp up the media machine, with 2 anns in 2 days saying what holders already knew, but this may help to attract outside attention.

I guess thats the plan anyway


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## sharemadder (11 December 2007)

Still have traders huge selling into news pressure.  Will take a road show to get some better attention here I think as new issue / option holders selling into every possible move up 

If people believe that IRL will do well in India over next two years then options would be a cheap entry with lots of upside.


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## sharemadder (12 December 2007)

Some better news today* - director buys on market 1 million shares* 

APPENDIX 3Y NOTICE
In accordance with ASX Listing Rule 3.19A.2, please find enclosed an Appendix 3Y notice in respect of the on-market purchase by the Chairman, Mr Michael Kiernan, of an additional 1 million shares in India Resources Limited


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## adobee (12 December 2007)

sharemadder said:


> Some better news today* - director buys on market 1 million shares*
> 
> APPENDIX 3Y NOTICE
> In accordance with ASX Listing Rule 3.19A.2, please find enclosed an Appendix 3Y notice in respect of the on-market purchase by the Chairman, Mr Michael Kiernan, of an additional 1 million shares in India Resources Limited




That works out $145 k ?? big deal it is chicken feed for him .. I could have bought that many if I hadnt paid 40c originally.. those mother f*&^^

Lets see him but $1million dollars worth and Ill take some notice


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## sharemadder (13 December 2007)

SP seems to be turning corner with positive movement today continuing from yesterday.  Oppies also doing the same.  Damn nice if it would get back to the placement price (20c) by Friday close.


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## sharemadder (17 December 2007)

Base metals likely to ride on demand from China 

MARKET OUTLOOK 

Dilip Kumar Jha / Mumbai December 16, 2007 



Base metals, led by copper, are likely to recover this week on speculation that sporadic buying from China may bring a fresh lease of life ahead of the new year. At present, base metals are oversold and no fresh sales are being offered by stockists. 

A greater-than-expected 0.3 per cent gain in November industrial production in the US and a strong rebound from the 0.7 per cent decline in October are likely to provide support this week. 

Traders in developed countries also find the present levels attractive and analysts believe that they may also add to their existing stocks before Chrismas leave. 

+++++++++++++++++++++++++++++++++++++++++++++++
*Chinese demand will ensure copper does not fall further as the country needs has infrastructure projects to implement. When copper touched a low of $6,500 a tonne in March, Chinese traders turned a net buyers which resulted into its price touching a fresh high above $8,000 in July. 
*+++++++++++++++++++++++++++++++++++++++++++++++ 

China’s imports of copper, including semi-finished products, jumped 58 per cent in the first quarter of calender 2007 to 776,576 tonnes. 

“The time has come when China may start taking buying positions,” said Praveen Singh, an analyst with Sharekhan. 

+++++++++++++++++++++++++++++++++++++++++++++++
*Copper concentrate, the only raw material for making virgin copper, is expected to remain in tight supply for at least the next three years. 
*+++++++++++++++++++++++++++++++++++++++++++++++

Therefore, Asian copper smelters are signing annual contracts with global mining giants for treatment and refining charges (TC/RC) - treatment and refining fees for copper concentrate - at about $40 a tonne and four cents a pound next year. This indicates that the red metal producers will hardly offer any sale for their existing stocks. 

“Lead is oversold and, therefore, will move up. Nickel has already bottomed out below $26,000 a tonne. Zinc may follow copper’s move, said Singh. 

“Copper is expected to touch $7,200 by early next month but panic selling at the current level may see it slip to $5,900 by February end,” said another local trader. 

In contrast, a school of thought was found apprehensive on rising price in anticipation of slower global economic growth. 

The Federal Reserve’s decision to cut interest rate by 25 basis point on December 11 resulted into a drastic decline in stock markets followed by a slump in industrial metals. 

Last week, US copper futures extended early declines on Friday following the dollar’s rise when consumer inflation jumped more than the forecast. Subsequently, traders said activity died down and prices remained range bound. 

Copper inventories monitored by the London Metal Exchange rose by 5,150 tonnes, or 2.73 per cent, to 193,900 tonnes, the highest since March 16. Last week, stocks had declined by 5.8 per cent to $6,420 while aluminium fell 2.40 per cent to $2362. Tin, zinc, lead and nickel also followed suit and lost 2.91 per cent, 1.73 per cent, 8 per cent and 1.89 per cent to $16,480, $2,330, $2,461 and $25,900 a tonne, respectively. 

The dollar’s advance against the euro, following a 0.8 per cent rise in the US consumer price index in November, pushed copper down further. 

In the domestic spot market, however, base metals declined by 2 per cent across all sectors in response to the market movement in London and New York. On the Multi Commodity Exchange (MCX), too, copper for delivery on February 29, 2008 sank 9 per cent to Rs 258.25 a kg. 

Tin, zinc, lead and nickel for March delivery slumped by 1.20 per cent each at Rs 656.25, Rs 93.85, Rs 97.35 and Rs 1,010.5 a kg respectively.


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## Miner (17 December 2007)

sharemadder said:


> Base metals likely to ride on demand from China
> 
> MARKET OUTLOOK
> 
> ...




Dear Madd

It looks like you are writing this from Ventore Avenue - the HQ of IRL itself.
That report does not make any sense as the share price is just drooping.
Verbose report typical of IRL management is not helping the shareholders except MK himself and the people who are enjoying free options at the cost of other share holders.
MK and his EMT need to do something more credible.

Regards


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## sharemadder (18 December 2007)

> MK and his EMT need to do something more credible.




Agree that the sp is under fire from profit takers and those free options but that must burn out soon.  If the article previously posted has some credance then hopefully IRL sp will ride on the back of that.  2008 will be good year I hope for iRL given that Surda will ramp up and exploration will gain momentum.  MK I think has already delivered what he promised for IRL dont you think.

See the below article - wonder if IRL have put there name in the hat for any of these???

+++++++++++++++++++++++++++++++++++++++++++++++++

HCL to enter into mining JVs with two foreign cos
23 Nov, 2007, 0106 hrs IST, TNN

KOLKATA: Hindustan Copper (HCL) may shortly float two joint ventures with overseas partners. One will be for opening a new copper mine at Chabri in Jharkhand on the Singhbhum copper belt””a project that will require an investment of Rs 600 crore””while the other will be for copper and mineral prospecting and exploration in India. 

“We’ve already applied for licences of prospecting and have decided to look for foreign partners to enter into copper prospecting and exploration in India. We’ve decided to float a JV with a foreign partner since we do not have adequate expertise in the field. 

Such projects can also be taken up near our existing reserves as exploration has been carried out up to a certain depth beyond which reserves remain unexplored,” HCL’s managing director, S C Gupta said. 

He was talking to reporters on the sideline of a trilateral mining seminar, Best Practices in the Mining Industry- Australia, Indonesia and India organised by the Australian HC, in Kolkata on Thursday. 

On the JV for opening up the Chabri mine in Jharkhand Mr Gupta said, “We have applied for lease which will be followed by an expression of interest. Investment is likely to be about Rs 600 crore and reserves are to the tune of 80 million tonnes. We’ve also decided to open up a new mine, Banwas in Rajasthan. Mine in this location will be done through contract mining with foreign partners and investment here is likely to be between Rs 300-400 crore.” 

Additionally, HCL has decided to open four closed mines in Jharkhand. These include the Rakha mine, Pathagora, Kend and Musabani. It has recently opened up its closed Surda mine. Total reserves in these mines adds up to 50 million tonnes. “Leases of all four mines have lapsed and we have applied to the government to renew these. Once the leases are renewed we will rope in foreign mining contractors and reopen these,” he said. 

“We are looking at foreign participants in areas opening up of mines, both new and closed, consultancy as well as prospecting and exploration, as well as mine planning and design, upgradation, modernisation and expansion of existingmines,” he added.


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## sharemadder (21 December 2007)

IRL expanding its footprint in India - I like it 

*MEDIA RELEASE 20 December 2007 

IRL ACQUIRES STAKE IN INDIAN EXPLORER​
*[FONT=Arial,Arial]Diversified minerals developer and producer India Resources (ASX:IRL) has expanded its footprint in the growing Indian resources sector, with the acquisition of a 17% stake in fellow Indian minerals developer Pebble Creek Mining Ltd. 

Pebble Creek Mining is a Canadian-based minerals exploration company listed on the TSX Venture Exchange (TSX-V: PEB) with a focus on India. Its primary project is the Askot base metal project in the Uttaranchal state in northern India. 

Askot is a massive sulphide copper-zinc-lead-gold-silver deposit that was previously drilled and tunnelled by Indian government agencies and the UN Development Program (UNDP). The full extent of the mineralised system has not been defined and there is further anomalism over a wide area. 
IRL has acquired a 17% stake in Pebble Creek Mining via a private placement involving five million units of Pebble Creek Mining at C$0.40 per unit, for a total consideration of C$2 million. 

IRL Chairman Michael Kiernan said Pebble Creek Mining shared a complementary direction and focus, and offered an opportunity for IRL to fast track further development in India. 

"IRL is focussed on pursuing strategic partnerships within India, to capitalise on the huge resource potential in one of the world’s largest and fastest growing markets," Mr Kiernan said. 

"Pebble Creek’s Askot project is located in the foothills of the Himalayas in a region where IRL currently has no presence. The project represents a high grade base metal deposit which will be leveraged with efficient and low cost mining techniques." 

"This deal is a natural extension of IRL’s investment in projects in India, and increases the Company’s exposure to India’s great potential," Mr Kiernan said. 

The deposit was the subject of previous drilling and mining activity until the late 1980s. Pebble Creek recommenced drilling in July this year with the aim of establishing a JORC standard mineral resource and a Canadian National Instrument 43-101 compliant resource. 

Pebble Creek Mining has also refurbished the previously created underground levels within the project area and is extending a crosscut into the hanging wall and installing underground drill stations. 

IRL last month entered producer status with commencement of trial mining at its primary Surda Copper mine in eastern India, and has since mined more than 2000 tonnes of ore. It is expected to reach full scale mining this month, and the Company is on track to achieve an initial annual target of 4500 tonnes of copper concentrate per year. 

More information on Pebble Creek Mining can be found at www.pebcreek.com/about.asp 
[/FONT]


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## sharemadder (8 January 2008)

*First copper sales as Surda steams ahead:alcohol:*
Diversified minerals developer and producer India Resources (ASX:IRL) has commenced first sales of copper concentrate from its flagship Surda project, as mining and processing advances ahead of target.

The first truck load of concentrate was delivered to IRL�s project partner Hindustan Copper Limited (HCL) last week, marking another significant milestone for the Surda copper project west of Kolcata.
IRL Managing Director Eoin Rothery said production output from the Surda mine and the Mosaboni Concentrator was well ahead of target following commencement of mining in November.

IRLs December mine production has been 130% above its production targets, with 4,614 tonnes of ore hoisted at Surda at an average grade of 0.95% Cu,� Mr Rothery said.

Grade quality is likely to further improve when dilution control measures take effect in coming months,Mr Rothery said.

IRLs Mosaboni Concentrator Plant has also been operating ahead of target, with 145 tonnes of copper concentrate produced in December - 83% above the targeted monthly production, Mr Rothery
said.

Average concentrate grade achieved for December was 24.5%, with an average recovery rate of 89%. Recovery rates are expected to further improve as mill parameters are optimised.

The concentrate is being delivered to HCLs Moubhandar Smelter, located five kilometres from the Surda Mine. The Smelter has annual capacity of 18,000 tonnes of copper per annum. By June 2008, it is expected the Surda project will deliver approximately 25% of Moubhandar smelter capacity, with IRL ultimately aiming to increase this to 50%.

Mr Rothery said IRL was continuing its planned production ramp up with substantial improvements in processing capacity underway. We are continuing refurbishment and improvement of the mine and milling infrastructure to boost capacity, and have just commissioned the second ball mill which will increase total mill capacity to
1,200 tonnes per day, Mr Rothery said.

IRL has set a January production target of 10,000 tonnes of ore, before gradually increasing production with new equipment and processes to 40,000 tonnes per month by mid-2008.


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## prawn_86 (8 January 2008)

Very nice indeed.

There is a lot of upside to this one, based just on the Surda mine at current capacity. When you factor in exploration and mine capacity upgrades it is only a matter of time until market recognition imo.

Check previous posts for my full analysis 

I would have liked the ann to be price sensitive though, just to get it in front of a few more eyes.


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## sharemadder (10 January 2008)

*A couple of thoughts to ponder on whilst we wait 
*
Because IRL hold a Exploration MOU with HCL for general exploration on HCL�s various leases including tenure around the Surda Mine, and around HCL�s current operations at Malanjkhand and Khetri. Then would it go to say that IRL are in a better position to acquire the mining operations (via tender) for the copper mines at Malanjkhand and Khetri given that it could become very messy for another company to be involved in those projects. Surely IRL hold the 'along strike' leases (not sure)? which technically could prevent the mining contractor from expanding as copper ore feed runs out in the existing mines. 

Also the 17% stake IRL have in Pebble Creek which main 
asset is the Askot Project: a VMS deposit of copper, lead, zinc, gold and silver mineralization in northern India. Pebble Creek are currently compiling a "resource estimation". Not sure when they anticipated to release the statement (if any one knows pray tell) but surely just the fact of releasing one will then give the IRL sp a jump given that seems to be what people want to even begin valuation of IRL assets. 

It just seems IRL sp is just too cheap.

*Interesting non compliant resource estimates on Askot, India. 
*
Dont forget IRL have 17% of this via share placement with Pebble Creek who own 100% of this deposit. 

The previous work was not NI 43-101 compliant and as a result no mineral resource has been estimated by the Company. Mineralisation has been explored to date by 9,000 meters of drilling in 51 holes and 1,000 meters of exploratory underground workings. 

3 various estimations made over the years 

1) Geological Survey of India, ca. 1975, 770,000 tonnes containing 2.32% copper, 2.64% lead and 3.93% zinc, based on results of the first 12 drill holes; 

2) 1988, (a) by means of polygons based upon underground levels and projected onto a longitudinal section, 1.35 million tonnes grading 2.12% copper, 2.87% lead and 5.14% zinc, and (b) by means of polygons drawn on cross-sections through the mineralized zone, 1.165 million tonnes containing 2.13% copper, 3.47% lead and 5.32% zinc; 

3) 1995, by means of polygons drawn on longitudinal section, 1.6 million tonnes with a combined copper plus lead plus zinc grade of +10%. 

And the good news on this deposit: 

Previous drilling did not reach deep enough to find the base of the deposit. Nor did drilling determine the extent along strike to the northwest nor at some distance to the southeast where subsequent work found several electromagnetic anomalies.


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## prawn_86 (10 January 2008)

I personally think that the market is not really aware of this stock, and the 'smart money' that is aware is wary of India, as this is one of a few stocks on the ASX which operates solely in India.

However, if you look at their Top 20 there are a few big names on there who you would hope know what they are doing.

This is a long term hold for me.


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## sharemadder (10 January 2008)

prawn

I agree - seems market not awake to it.  The Tiger is awakening thats for sure though.  IRL well positioned now.  Best to be in it now of course.

Cheers


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## jonojpsg (10 January 2008)

Totally agree people!  Have been watching this one slowly dwindle and wondering what it will take to get some positive movement in the SP

With the continued strength in the Cu price it seems only a matter of time


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## sharemadder (10 January 2008)

Prawn

Have a look at these calcs I did for the Pebble Creek data.  Are they reasonable?

*Quick calcs on Pebble Creek Askot deposit using below data*

3) 1995, by means of polygons drawn on longitudinal section, 1.6 million tonnes with a combined copper plus lead plus zinc grade of +10%. 

1.6 mill X 10% = 160,000 tonnes of metal

X 80% recovery in process = 128,000 tonnes of metal

128,000 tonnes of metal X 1000 kg X 2.2 lb = 281,000,000 lb

Say 281,000,000 X $2.20 lb (abstract figure) = US$ 619,520,000 

less 40% mining costs and royalties = US $317,712,000

X 17% IRL share $63,191,040

So about 35.9c per share on existing Pebble Creek data. If options converted then fully diluted around 17c a share. 

Shares Outstanding: 175,646,966 undiluted
Market Cap: 27.2 Million 

Not bad really. Need to factor other things such as extensions to known deposit, variation of costs and royalities etc.

I know it aint really great method to calculate value but trying to put some figures to it. 

Add that to the Surda up and running copper mine (figures yet to be released) and other Indian base metals and diamond exploration projects and it seems IRL is very much undervalued, yet it struggles to break 16c, why,why,why.


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## Lucky_Country (10 January 2008)

2007 year of TTY
2008 year of MON 
2009 year of IRL
Too much on MKs plate at the momment stretching his resources too the max.
So is every other person involved in resources


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## doctorj (10 January 2008)

Lucky_Country said:


> Too much on MKs plate at the momment stretching his resources too the max.



Interesting point that.  While IRL has some of its own staff, it does share staff and ofcourse Kiernan's time with all the others.  Will IRL suffer as a result?


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## oz_canuck (11 January 2008)

Hi All,
I have been reading this thread about IRL and decided to jump onboard. Last night bought some shares at market and it took quite a while to fill them 15.5c. Even though there seems to be good volume, there is not much momentum going on with this stock. I believe one of the main reasons maybe due to their primary focus being on Copper at the Surda mine. Copper seems to be out of favour at the moment with the big money chasing Iron Ore and Gold explorer/producers.
That being said, IMO we are getting on the bottom floor and should see a good appreciation of this stock. The following i believe are positive factors for IRL:

1. It is a Developing Country play with management based in Australia
2. I do not see india's needs for Copper slowing anytime soon
3.They currently turned producer. This should hopefully provide funding for further exploration activities.
4. They seem to have quite a bit of help from Indian Government Agencies. 
5. Low cost production

The only two negatives I can see that could impact the bottom line is low Copper and  high oil prices. 

Cheers


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## Lucky_Country (12 January 2008)

IRL a bottom draw stock for 18 months but will reward shareholders long term.
A real think outside of the box company with proven management and well connected in India.
A variety of projects maybe Indias BHP of this centuary.


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## sharemadder (15 January 2008)

*MEDIA RELEASE 15 JANUARY 2008​IRL DISCOVERS NEW DIAMOND INDICATORS​
*Diversified minerals developer India Resources (ASX:IRL) has continued its diamond exploration success, with the discovery of further kimberlitic indicator minerals at its Bhandara Diamond Project in
eastern India.

The results include the discovery of multiple diamond indicator minerals at multiple sites. The findings continue India Resources’ momentum as it builds an expanding diamond portfolio in one of the world’s key diamond markets.

Nine of the fourteen samples tested were positive, with minerals including picro-ilmenite - a strong indicator of proximity to a kimberlite source. The positive samples were all from a small 10km x 10km area in the central part of Reconnaissance Permit (RP) 71B. Samples of up to 40kg were collected at individual trap sites and reduced using a Wilfley Table, before being observed in Perth by Global Diamond Exploration (GBE).

India Resources has an ongoing diamond drilling program across three primary exploration projects – Bundelkhand, Bhandara and Dharwar – which are located in the region of known kimberlite fields.

The results at Bhandara are from the northern part of the project, and the RP is only 10km north of the recently discovered Nuapada diamondiferous kimberlite which was awarded to De Beers.

India Resources Chairman Michael Kiernan said the new discovery was further progress for the Company, which was establishing a strong diamond portfolio in India alongside its producing and expanding copper projects. 

“India’s reputation as a home of diamonds is well known, and we believe there remains great potential, using modern exploration techniques, for India Resources to capitalise on this,” Mr Kiernan
said.

“Results such as this are very encouraging, and will continue to be the target of further exploration to drive long-term value for shareholders,” Mr Kiernan said. GBE Senior Mineralogist Dearn Lee said the results from the Bhandara regional sampling were particularly encouraging given the spread of minerals observed and their freshness.

“I would say that the source for some of these minerals is close to surface and within a few hundred metres of the sample location and there are indications of several kimberlites in the RP.” Mr Lee said.​


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## Miner (15 January 2008)

sharemadder said:


> *MEDIA RELEASE 15 JANUARY 2008​IRL DISCOVERS NEW DIAMOND INDICATORS​
> *Diversified minerals developer India Resources (ASX:IRL) has continued its diamond exploration success, with the discovery of further kimberlitic indicator minerals at its Bhandara Diamond Project in
> eastern India.
> 
> ...



Thanks for your post and fantastic announcement.

Ironically the announcements of great happenings from IRL and MON  came at the same time - headed by same chairman. Was it a pure coincidence or a calculated shot to woo investors in a sagging share price?
ASX will remain silent as it was a not a speeding ticket and looked fine by the book rule !!

Rea


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## sharemadder (17 January 2008)

India Resources ahead of schedule - corporate profile file attached​ 
http://www.indiaresources.com.au/files/RS_Jan_07_LR_India_Resources.pdf​


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## sharemadder (25 January 2008)

INDIA Fri 25/01/2008 Byrnecut ahead of Oxiana, Anglo at Banwas By Richard Roberts, 14 January 2008

http://www.highgrade.net/article/2008-01-14/Byrnecut_ahead_of_Oxiana,_Anglo_at_Banwas

AUSTRALIAN mining contractor Byrnecut Mining has emerged as the frontrunner in a bid to be involved with Hindustan Copper in redevelopment of the Banwas copper mine in Rajasthan�s Jhunjhunu district, pipping Oxiana, Anglo American, Lundin Mining and India Resources.

Hindustan Copper previously reported Banwas had �ore reserves of over 22.5 million tonnes grading 1.6% copper�.

�The mine is expected to be ready in about 18 months� time,� the company said in the second half of last year. �The operation is planned to be implemented through partnership with an outside agency [which] will bring in necessary investments. As the first step, five mining companies have been shortlisted. When fully operational the mine will contribute 10,000t of metal in concentrate per annum.�

Byrnecut is understood to have been informally advised by Hindustan that it has made the best bid to mine Banwas in a joint venture with the Indian company, though it was awaiting confirmation at the end of last week of the terms of the deal.

Managing director Steve Coughlan could not comment on specifics of Byrnecut�s proposal. �We�re aware that ours was the best bid, as you put it, but I haven�t had any confirmation of where it goes from there yet,� he said.

�We think there�s some potential there subject to various criteria being met and we�re working our way through those in pre-planning if you like while waiting for formal advice on whether they want to proceed with us or not.�

Asked if India � not included on Byrnecut�s list of priority international business development targets during an interview with HighGrade last year � offered expansion potential, Coughlan said the company was invited to participate in the Banwas bidding process and did not at this stage have a broader India strategy.

�In principle we�d look at every case in isolation, not in a general sense. It depends on a whole range of factors,� he said.

Byrnecut was established in Kalgoorlie, Western Australia, 20 years ago and is still partly owned by the original management team. It is majority-owned by Germany�s Thyssen group. The specialised underground mining contractor generated 2007 revenues of about $A550 million. In recent years it has recorded strong offshore growth, particularly in Africa, Europe and central Asia.


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## sharemadder (25 January 2008)

IRL clears maiden hurdle By Richard Roberts, 14 January 2008

http://www.highgrade.net/article/2008-01-14/IRL_clears_maiden_hurdle

LUCK seems to be playing a big part in the outcome of matches currently being played between the Australian and Indian Test cricket teams. Good fortune has most certainly been a factor in Australian-based India Resources Ltd�s ability to get some early runs on the board on the international mining industry�s version of cricket�s sticky wicket.

While Indian miners are among the offshore companies snaring Australian resources, reciprocal access for Australian companies in India�s domestic mining industry is taking far longer than a Steve Bucknor LBW verdict. Some foreign companies that saw changes to India�s foreign investment laws back in 1993 as an invitation to get a foothold in the country�s mineral exploration and mining game have struggled with a byzantine approvals process that has resulted in a single mining licence being granted to a foreigner in more than a decade.

India Resources, chaired by Western Australian mining identity Michael Kiernan, won a virtual coin toss to become Hindustan Copper�s partner at the Surda copper mine in Jharkhand state. The relationship extends to a Memorandum of Understanding on exploration in three states, but the Surda alliance has already made India Resources that most unusual of beasts in India � a foreign miner operating on local soil, albeit virtually as a contractor. In other words, Hindustan Copper holds the mining permit. India Resources also has other base metal and diamond exploration interests in India and, just before Christmas, snared 17% of Canadian-listed Pebble Creek Mining Ltd, which is working on a JORC-compliant resource for the Askot copper, lead, zinc, gold and silver volcanogenic massive sulphide (VMS) deposit in northern India.

Last week India Resources reported delivery of the first truck-load of Surda copper concentrates to Hindustan Copper�s nearby 18,000 tonnes-per-annum Moubhandar smelter. It plans to be supplying 4500tpa by the middle of this year, and up to 9000tpa thereafter.

India Resources has had a South African shaft expert examining options for expanding output from the Surda underground mine, where the company has also looked at decline access. It also had some metallurgical �tricks up [its] sleeve�, managing director Eoin Rothery told HighGrade. He is confident the Surda mine average grade of 0.95% copper achieved in December can be improved to 1.2%, while modifications to current flotation equipment, and the addition of new flotation and filtration plant, is expected to lift recovery levels. A newly commissioned ball mill has increased mill capacity to 1200t/day.

�[The] Mosaboni concentrator plant has been operating ahead of target, with 145t of copper concentrate produced in December � 83% above the targeted monthly production,� Rothery said in an India Resources ASX report last week. Average concentrate grade achieved in the month was 24.5%, with average recovery at 89%. �We are continuing refurbishment and improvement of the mine and milling infrastructure to boost capacity.�


An initial batch of concentrate from the restarted Surda operation is appropriately farewelled.

Rothery wants to produce 10,000t of ore this month, and increase this is 40,000t/month by mid-2008.

�The current capacity of the [mining] operation is 1300tpd with the skip capacity in place, but we�re hoping to ramp that up to 1700tpd,� he told HighGrade. �We�re waiting on the report and recommendations of the shaft hoisting expert we�ve had over from South Africa on how we can improve the shaft haulage.�

Rothery said India Resources had funds in place to complete the ramp-up, though the shaft report was needed to finalise costing. �We will be making an estimate this quarter and may include that in our March quarterly,� he said. The company had about $A13.5 million in the bank.

It has engaged Australian drilling contractor Mitchell Drilling Corporation � also used by Pebble Creek Mining at Askot � to provide exploration drilling services in India.

Rothery said the Pebble Creek tie-up came out of India Resources� close monitoring of foreign-operator activity in India, which was �not a big job as there are very few active foreign companies�.

�We made a reasonably quick decision to get involved [in Pebble Creek�s placement],� he said.

�Only two of those [foreign companies] have progressed to the mining licence approval stage, Pebble Creek being one. They have a granted prospecting lease [and] the mining lease application has been through the two most difficult of three stages (state recommendation, central government approval and state grant). Central government approval was announced on October 9, 2007.

�Our intention is to really help them get this thing [Askot] up and running. It is essentially a partnership. They�ve been in India for 12 years, so one of the good things about partnering with them is they�ve actually got a lot of experience. We�ve done a lot in just over 12 months, but we couldn�t describe ourselves as experienced Indian hands. We�ve been lucky to be able to get things done in a short time frame. These guys have been around the traps and they know what to do in India.�

A review of Indian Government data by independent British consultant Paul Boswell indicated not a lot of store could be placed in an estimated resource of 1.35Mt grading 2.12% copper, 2.87% lead and 5.14% zinc because of �several deficiencies in the data and estimating methods�.

�One lapse in procedure is that none of the three exploration entities assayed systematically for gold and silver. No cut off grades were stated for any of these estimates and a review of the figures suggests cut off grades were zero.�

Pebble Creek therefore did not regard the �historic estimates as anything more than evidence of a mineral deposit of yet unknown size and grade�.

�We�ll just wait for the resource to come out and take it from there,� Rothery said.

�I think we�re talking about a fairly serious deposit which is open along strike in both directions, and down dip, and there are other geophysical and geochem anomalies in the region. So we�re potentially looking at a series of VMS-type deposits that they�ve got control over.�


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## prawn_86 (6 March 2008)

India Resources in iron ore talks 
http://www.miningnews.net/storyview.asp?storyid=193432§ionsource=s0



> Greg Tubby
> Wednesday, 5 March 2008
> 
> MICHAEL Kiernan's India Resources is running its ruler over an iron ore property in India with a view to entering into a similar 'dig and deliver' arrangement to the one it has with Hindustan Copper.
> ...


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## Miner (6 March 2008)

Most of the Indians worship Cow because they are Holy.
Many of us in Australia love MK because he has Midas touch.
Look MON - he bought hugh amount and share price only telling his story.
IRL he invested high - look at the share price.
Territory - He got lotto.
Windimurra Vanadium - He got disillusioned and after doing some good damage quit from the company.

If I have a pacemaker - I would not put my  in any company run by MK.


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## prawn_86 (18 March 2008)

After market close announcement:

"Becoming a substantial holder from TTY"

 TTY have taken a 5.29% stake.

My guess is that this will move up tomorrow once the news is digested. MK has previously stated that he may look to consolidate all his companies into one. Just like TTY is doing with OLY at the moment.

Finally patience is being rewarded


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## urgalzmine (18 March 2008)

Hey Prawn,

the stock already went up 28% dude, how far do u want it to go up by? bloody MK is killing off the TTY share with all this buying


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## prawn_86 (18 March 2008)

urgalzmine said:


> Hey Prawn,
> 
> the stock already went up 28% dude, how far do u want it to go up by? bloody MK is killing off the TTY share with all this buying




Well if you look back at the first page onwards you will see valuations placed by both myself and others that are much higher than the current SP. I know that means jack in the overall sense, but imo it is still severely undervalued. However i think it will increase again tomorrow once people read the announcement.

Interesting to note also that TTY has been named as a possible takeover target. perhaps MK is buying up lots in order to make the comapny structure more complex and therefore less likely to be taken over.

Just a theory...


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## Miner (19 March 2008)

Folks

I have been following IRL for some times so was MON, MOL etc. I have not followed TTY the only blue chip type gain MK gained from his chairmanship.

If you look back IRL share price was at very high when it floated. It came down at very low level. Then he released right share at 20 cents with free option. Original IPO had free option too. The share price was jacked up at just above 20 cents to get the rights fully subscribed. Then it dived into 17 cents. It has released many good stories including promoting the Chief Opt Officer to ED level. Unforunately none of the top mgmt team has a proven success story. One of them has been Brandill and that performance is seen. 
IRL performance is less than satisfactory on the sharemarket.

Then MON comes. Again MK Factor. Share price was very high. He proposed to join three shares into one (just happened in POS). Share price scrolled down. Record speaks for itself. Now MON rights are being offered at 45 cents. Share price will be held at 47 cents with good market release from MON and IRL. But just watch the share price will climb down.

I am pretty sure in the begining days Crawley Investment was one of the top 20 share holders in MOL. I may be confused to recollect or reconnect .

Next agenda will be consolidating IRL and MON. The only synergy will be MK need not to travel two AGM, sign two balance sheets, etc. Net synergy for shareholders will be a+b= c where both a and b are more than c 

I do not hold any of IRL or MON now. Have paid enough to learn lessons and sharing the same with others. It is because I also learnt from others experience when they either paid or gained enough..


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## prawn_86 (19 March 2008)

While i can appreciate what your saying Miner, i think that IRL still presents a good opportunity.

It is obvious that TTY has been buying at these levels, particulary around the 14c mark. To me that would suggest that someone buying in now would be exposed to little downside, as TTY will continue to support the price at 14c.

Theoretically there should not be another cap raising from IRL for a while, as they still have about $3mill in the bank from memory and an outstanding loan to MON of $7mill.

So they have $10mill which should be enough to carry out their plans to increase the Surdas mine output. They are also planning on being cashflow positive in April, so even if that is a couple months behind schedule the $10mill they have should easily get them through until then


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## ands (25 April 2008)

Territory Resources takes their stake in India Resources up to 9.01%, now a director is leaving India Resources to concentrate on his role at Territory Resources. The share price isn't moving so buyers must not think anything is going to happen...


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## ands (28 May 2008)

Well this one seems to be on stuck on struggle street. Buyers drying up, Sellers building. I wonder if Territory Resources are picking up any more shares at these low prices? Everything has been pretty quiet from India Resources over the last few months.


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## Miner (29 May 2008)

IRL got a good source of copper in India

But it got bad elements of management (Sorry MK - whatever you touched became lead - a kind of Midas touch you could argue excepting different group of metal in periodic table) 


Some of its executives came after making their employers either belly up or gone into red, 


I do not hold IRL or IRLO any more - what a relief and restful sleep

All good stories but no shareholder return , To me It is a hot potato if that is any comparative statement


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## Bushman (29 May 2008)

Looks to be on the cusp of adding positive copper inflows in the top line of the cashflow statement. 

Good commodity price forecasts for copper and diamonds. Also low transportation costs as they will presumbaly be sold into Indian market. 

Risk seems to be political with Indian resistance to foreigh ownership. Also cash burn is high - $3m a quarter. So any delay in mining coudl hurt. 

Geez it is a tempting valuation at $17m market cap for a copper producer. Those that pick the turn around point will do well on this one IMO.


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## prawn_86 (29 May 2008)

Bushman said:


> Risk seems to be political with Indian resistance to foreigh ownership. Also cash burn is high - $3m a quarter. So any delay in mining coudl hurt.




I would also add that risk could be lack of disclosure form management, and MKs public desire to consolidate his co's, so there is a risk that IRL may get snapped up below 'fair value', by TTY

Check back a few pages for the whole IRL/MON loan debacle


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## PBH (30 May 2008)

Bushman said:


> Geez it is a tempting valuation at $17m market cap for a copper producer. Those that pick the turn around point will do well on this one IMO.




I've only had a brief look at this company but, to be honest, this whole operation looks rather dodgy to me.

Maybe I've been looking in all the wrong places, but I can't seem to find any information on their projected production costs per lb of copper...  anyone?

Also, why is there a veil of secrecy covering the supply contract between themselves and HCL? Are the terms of the contract *that* unfavourable towards IRL?
How can any investor make an informed investment decision, when the projected sales income from their copper operation is unknown?

To me it seems that IRL is nothing more than a vehicle for HCL to mine copper without having to invest any $$ and take on any of the associated risk. 
And the supply contract probably offers HCL the resulting copper concentrate at bargain basement prices, which would probably explain why no contract details have been forthcoming...

In other words; IRL investors are nothing more than cash mules for HCL.

But like I said, I've only had a brief look, so if any of the more knowledgable folk out there are of the opinion that I ought to be corrected, please feel free to do so..


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## Miner (30 May 2008)

PBH said:


> I've only had a brief look at this company but, to be honest, this whole operation looks rather dodgy to me.
> 
> Maybe I've been looking in all the wrong places, but I can't seem to find any information on their projected production costs per lb of copper...  anyone?
> 
> ...






Hi PBH
After reading your post I did some search for Hindustan Copper Complex . It is a Government of India organisation became sick and now under restructure. They are now making profit

Website is http://www.hindustancopper.com/home.asp 

 Hindustan Copper Limited was incorporated on 9th November, 1967. It is the only vertically integrated multi-unit copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and manufacturing of copper cathodes, continuous cast wirerods and wirebars.  


*Ironically in their website there is no reference to IRL* . It does not mean IRL is not working there but it means the business done by IRL is not worth to reflect in HCC website

What is similar to me that one sick (IRL) company has gone to help another sick company HCC

Some of the extract from their website

First Quarter (Apr 2007 to Jun 2007) 
_*Particulars (Lakh Rs.) Q1 (2007-08)
 Q1 (2006-07) (For understanding Indian finance rule says all accounts to close on 31st March . One lakh is 100000 , one Rs = 1/30 AUS Dollar 
 Change %

Gross Sales & Operating Revenue 43,325.27  38,035.34 13.91 
Other Income                           1,717.73  113.20 1417.43 
Total Expenditure                     34,649.53  32,818.30 5.58 
P B D I T                               10,393.47  5,330.23 94.99 
Interest                                922.36  774.58 19.08 
Depreciation                         459.25  464.34 -1.1 
Profit before Tax                   9,011.86  4,091.31 120.27 
Provision for Tax               1,467.00  7.50 19460 
Net Profit                         7,544.86  4,083.81 84.75 
Earning Per Share - Basic 0.98  0.56 75 
Earning Per Share - Diluted 1.29  0 -*_


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## ands (1 June 2008)

I was looking at the IRL website today and noticed something about coal. Everyone seems to love coal at the moment. I don't know how long this has been on the website, but if anything actually eventuates from the discussion with Cooks’ Construction Pty Ltd over a joint venture, maybe, just maybe, something positive will flow into this share price.

Coal

IRL is currently holding discussions with Cooks’ Construction Pty Ltd, Australia’s largest privately owned earth moving and mining contracting company with extensive coal mining experience, with a view to establishing a joint venture. It is intended that any resulting joint venture entity would apply for rights to explore and develop coal projects in India.

With an increasing coal demand that outstrips the supply, India is seen as having big coal mining potential for foreign companies.

http://www.indiaresources.com.au/coal.php


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## ands (3 June 2008)

I emailed India Resources yesterday asking if any progress has been made regarding the coal negotiations and the Managing Director of India Resources, Eoin Rothery replied today with: 

"It’s fair to say that the Cooks negotiations have stalled for the moment.  We have been concentrating on ramping up copper production at Surda and we are actively looking at a number of other projects; particularly the Askot Cu-Pb-Zn-Au-Ag deposit in northern India.  Bar Surda, the projects in India we’ve been chasing/assessing have taken a bit longer than we’ve anticipated; but we are not even a year since listing! Our current policy is to announce deals rather than negotiations as we are/have been involved in upwards of twenty different substantial possibilities. Our achievement as the only Australian miner to set up in India is well recognised over here (I’m in Delhi)."

The Askot Project is owned by Pebble Creek, a Toronto listed company, in which IRL owns 17%. 
http://www.pebcreek.com/projects.asp?p=askot-resource


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## Dr.Stock (27 June 2008)

*india resources -IRL*

Just browsing-excuse if this already posted

Noticed rio taken interest in a diamond mining project in BUndelkhand in madha pradesh india.
Then snooped around.........


Found in

newsrack.in/Browse.do;jsessionid=FFC61B8425F6E737465CC2E803CB48A0?owner=esg&issue=Issues&catID=20 - 42k - 16 hours ago



Drought-prone Bundelkhand may hit fortune in diamond mining (Cached) 
6.5.2008	Rediff: Business

Technicians and officials of global diamond major DeBeers and the Directorate of Geology and Mining have been surprised to find a piece of diamond at one of the bore pit in the bed of the Vaghin river near Kalinjer Fort in Banda district. The Uttar Pradesh government has started getting results from its two-year-old "Diamond Exploration" project. Multi-national firm DeBeers is already conducting preliminary survey of the region 
Also found in: [esg :: all]   



Rio Tinto applies for diamond mining in Bundelkhand (Cached) 
23.6.2008	Financial Express: Front Page
The UK-based Rio Tinto on Monday said it has applied for mining lease for its Bunder diamond project in the Bundelkhand region of Madhya Pradesh. 
Also found in: [esg :: all]   



and this


ASX Code: IRL
INDIA RESOURCES LIMITED
Description
India Resources Ltd is a copper, diamond, zinc and lead exploration company with projects exclusively in India. Projects include Khetri Copper Mine, Aravalli, *Bundelkhand Diamond*, Surda Copper Mine where for the 6 years prior to closure in January 2003, produced a total of 1.473Mt @ 0.9% Cu; Malanjkhand Copper Mine, Bhandara Diamond and Dharwar Diamond Projects. The company expects to commence copper production in the first quarter of 2008 and recently announced that it has excercised its option over the AMIL Mining India Private Ltd prospective diamond leases and is moving to acquire 100%of the controlling company.
Mine For 
copper, diamond, zinc, lead
Location of operation(s)

Maybe where  there`s smoke??????


DYOR
the bold type is my emphasis


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## ands (8 July 2008)

Has this company got any future? MK has left both IRL and Territory Resources. Maybe Territory is selling down it's stake? It could takeover IRL for next to nothing at the moment. Management needs to work on expanding this company rather then focusing on the Surda Copper Mine. I mean it's great having some cashflow, but in reality is only a secondhand mine. They are cashed up after draining the hard earned cash from investors with that 20c Share Purchase Plan, so why don't they fast track drilling in some of their other tenements. They need to at least look like they want to grow this company and show that they aren't in there just for their director fees... I was think of averaging down from my 19c  purchase price, but in reality I don't know if it will go up much from the current price, if at all... It has a great potential this stock, I mean how many companies listed on the ASX operate in India and are actually producing over there?


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## jonojpsg (9 July 2008)

Agree with a lot of your points ands.  I am waiting to see what the next quarterly shows up as far as receipts goes - just to see whether their cashflow from Surda is going to actually meet the ongoing needs of the company or not.  Still some uncertainty with what they are actually getting paid for the copper by HCL??

Definitely agree that they have potential - India is huge and with their growth will continue to need ever increasing amounts of raw materials.

I would say wait and see before plunging more money into them tho


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## shares (10 July 2008)

Finally some relief for holders

Market Update: http://www.asx.com.au/asxpdf/20080710/pdf/31b3b7x7fg3szj.pdf

Up a pretty 50% at close.

I don't hold any IRL at this point. Like jonojpsg I feel I should stay on the sidelines


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## ands (10 July 2008)

They didn't say much in the announcement apart from confirming that the Surda Mine is on track to meet its target of 37,500 tonnes of ore per month. Maybe people were worried about they output of Surda? They mentioned that the have started drilling a Zinc Project in India and have intersected Zinc with the first hole. Early days yet. As jonojpsg said it will be interested to see how the sales affect their balance sheet. At least the share price rise gives us some hope...


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## ands (21 July 2008)

Not looking good for IRL with this Monarch Gold Collapse... I don't know how well these voluntary administration situation usually end up, but what's the bet IRL won't get very much (if any) of their 3.5 million back... You have to feel for Territory don't they have like 15 million riding on them? I haven't done much research on Monarch, but from what I can see they had 2 projects. 

Mt Ida - producing 50,000 oz per year (proposing to spend 5m to increase to 75,000 oz per year. 

Mt Magnet - recommence operations mid 2009, 100,000 oz per year. 

Is it worth Territory and IRL buying out Monarch? How many shares does Monarch have on issue? Or are IRL fully focused on India? They could probably buy them out pretty cheap, but can they turn around a dying company...


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## Miner (21 July 2008)

ands said:


> Not looking good for IRL with this Monarch Gold Collapse... I don't know how well these voluntary administration situation usually end up, but what's the bet IRL won't get very much (if any) of their 3.5 million back... You have to feel for Territory don't they have like 15 million riding on them? I haven't done much research on Monarch, but from what I can see they had 2 projects.
> 
> Mt Ida - producing 50,000 oz per year (proposing to spend 5m to increase to 75,000 oz per year.
> 
> ...




Currently as the name suggests India Resources Ltd is focused in Indian copper, Indian Diamond all. WIth MK departure the top management is heavily loaded with Indian managers too so it is more than unlikely that IRL will move their focus out of India probably next 6 months

I could be wrong on my assumption so please DYOR and I do not hold IRL


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## ands (31 July 2008)

$1 million down in the quarter and $1 million left in the bank. They claim that the September quarter will be cashflow positive for the Surda Copper Project, either it has to be positive or Monarch Gold have to (somehow) cough up some money, otherwise IRL will be very low on funds in a few months...


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## prawn_86 (31 July 2008)

I have an email in my inbox from the MD stating that they would be cashflow positive by May.

Pathetic management, even without Keirnan, IMO


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## ands (31 July 2008)

prawn_86 said:


> I have an email in my inbox from the MD stating that they would be cashflow positive by May.
> 
> Pathetic management, even without Keirnan, IMO




I have been contemplating just selling out for a while and taking a pretty big loss, you are just throwing some more wood on the fire by saying that. You are on the money, they aren't the best, like I posted before, they have said since they first listed that they were going to explore coal opportunities in India... nothing has eventuated from that. They might end up being negative next quarter, being forced to write down their investment in Monarch as a $3.5 million loss and having to raise more capital through another SPP... Thinking of all these negatives is making it sound even worse...


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## prawn_86 (31 July 2008)

I sold out a while ago for about a 15% loss and in hindsight it was one of the best things i did.

I managed to find that email:


> ...
> On the positive side of things there are people who have sold out of IRL (and Monarch), and IRLs share price is low by any standards. *IRL is targeting May 2008 to be cash positive out of revenues from the Surda copper project.* This represents a significant buy opportunity for investors who understand the potential.
> ...
> Regards
> ...


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## Miner (31 July 2008)

prawn_86 said:


> I sold out a while ago for about a 15% loss and in hindsight it was one of the best things i did.
> 
> I managed to find that email:




Never mind

I have asked verbally (no email) to one of the directors in a social occasion about the IRL share prospect when I bought at 40 cents immediately after listing. It came down at 34 cents and he advised me to hold. His statement was we are doing well and just wait for January and we will come with good news. 

January, Feb, March gone and I bailed out IRL at 20 cents. 

Thank God, I could have landed at 4.5 cents if I believed him any further. 

I have serious doubt on the reliability of the Board of IRL. It has not changed even after MK has resigned. There are many more players who sell Fire Pill in another name. 

I do not hold any more IRL - enough lessons learnt for me


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## ands (2 August 2008)

Haha, I think the MD has now shown how poor management is. He has bought 160,000 more shares in IRL.  Is he mad, mind you IRL is worth so little now it was only $7220 for the shares. It looks like he is taking advantage of everyone else's misfortune in believing him and his team would make this company cashflow positive. Alot of people have been losing money, people buying it during the IPO, SPP (20c) and he decides to buy more when it is down to 4.4c. Is shareholders confidence supposed to increase knowing the director has bought shares?


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## Miner (2 August 2008)

ands said:


> Haha, I think the MD has now shown how poor management is. He has bought 160,000 more shares in IRL.  Is he mad, mind you IRL is worth so little now it was only $7220 for the shares. It looks like he is taking advantage of everyone else's misfortune in believing him and his team would make this company cashflow positive. Alot of people have been losing money, people buying it during the IPO, SPP (20c) and he decides to buy more when it is down to 4.4c. Is shareholders confidence supposed to increase knowing the director has bought shares?




Very Good point but that is becoming a trend now in business

Michael K has sunk Monarch Gold (ex Chairman of IRL) and now wants to takeover Monarch from the administrator

They are not the only ones but few more are there to do the same
It is mainly ASIC is so useless organisation they only do the post mortem and that too very little


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## ands (4 October 2008)

Ok, after being too optimistic for too long. I've sold out at 5.5c. I couldn't take it any longer, it is the only share in my portfolio that I don't have any confidence in. The SP is now 4.6c after going as low as 4c and they just announced a $12.6 million loss. All this after they continue to claim they are going to be profitable soon. I just couldn't bring myself to trust them any longer. If this company doesn't go bankrupt miracles do happen.


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## Reealjrd (16 October 2008)

At present gold is at a position where you can book profit. But keep in mind only go for intraday and dont have any holdings for 2-4 months.


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## jonojpsg (26 November 2008)

FINALLY!  Announcement out - Surda is cashflow positive, and from the sounds of things will stay that way and only improve.  Might well be worth a look at this one as their MC is about $4m at current prices.


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## woltage (26 November 2008)

No hard numbers in latest report claiming "positive cash flow". And all of a sudden its "significantly" above break even...

Having trouble finding actual fixed rate with HCL and production costs

Even with the recent the large increase in volume around 0.016 i'm hesitant to buy in with such vague info


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## Miner (16 March 2009)

Looks like this stock is not loved by any one as there was no posting in ASF since Nov 08

Any way I think this is the only Australian company in India which is producing in India by Indians and Australians with shareholdres in Australia 

I noticed the share market plummetted today which is not a new thing for IRL.
However what I also noticed the volume exchanged *today 1.3 Millions *. 

Code  	Last  	% Chg  	Bid  	Offer  	Open  	High  	Low  	Vol
IRL 	0.014 	-17.65% 	0.014 	0.016 	0.016 	0.016 	0.014 	1,343,000

Where as last four tradings the volume ranged between 45,000 to 250,000. 

My  is I am speculating there  could be a bad news (Director Selling knowing something, bad production, organisation change, legislative change in INdia or all of them ) or good news (Director buying) 
(Disclaimer I do hold a small parcel)


13 Mar 2009  	0.017  	0%  	0.017  	0.016  	76,000
10 Mar 2009 	0.017 	-15% 	0.017 	0.017 	45,000
09 Mar 2009 	0.020 	25% 	0.020 	0.019 	250,000
04 Mar 2009 	0.016 	-20% 	0.020 	0.016 	51,000
03 Mar 2009 	0.020 	25% 	0.020 	0.015 	292,935


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## reggie_001 (5 April 2010)

Looks like people have lost interest in this one. Have announced that Surda copper mine is now profitable and cash flow positive and should any day now announce their $500 million coal mining deal with Bankura (signed LOI about 10 weeks ago). Anyone care to share their views?


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## prawn_86 (5 April 2010)

reggie_001 said:


> Anyone care to share their views?




Okay, management constantly over-promise and under deliver. They are cash flow positive over 2 years after they first said they would be, so i wouldnt hold my breath for the next project. I have not looked at the share price for about 18months but can bet its not healthy and there has probably been cap raisings along the way


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## Miner (6 July 2010)

Hi IRL followers

Could any one please share his or her observation why and how could IRL is going through a heavy transaction of millions of shares in one day and no trade for a couple of days?

I did put it in competition sheerly by fluke as a long time holder. But this behaviour is just unknown to me. 

At one time people like Twiggy etc used to hold it and share price went up to 40 cents - no joke as I bought some then for  my son as a gift. But typical of my investment. IRL  went south. 

Now the SP has been hovering around 2 cents and less for long time. MC is poor and so is the company performance.
At the same time Alexandara Resources has become a major holder. All very confusing to me

There is no record at ASX site about the top 20 holders.

The company last year raised capital and now the price of shares is much lower than capital issue price.

Any light  will be appreciated. 

Cheers


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## Miner (21 July 2010)

Hi IRL followers

I think this scrip is less loved by ASF participants.

Any way today's announcement is fantastic quantum leap.

63.25 % Fe on a haemetite (not magnetite) ore as an average !!!

I should be climbing up in my ladder for a change in tipping now.

I do hold IRL and bought a small parcel at 1.7 cents today (hope it should go north and not south as happens with my all purchases) so DYOR


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## Miner (7 August 2010)

Hmm
My previous purchase of a small parcel at 1.7 cents appeared to have been a disappointment considering in the past I bought this at 40 cents (not joking) and sold at 32 cents (to cut losses) and reentered at 1.2 to 1.7 cents.

Any way I found the following in Proactive Investor which is pretty interesting with copper price in an uptrend, IRL acquired a iron ore resources, India's booming infrastructure market (increased requirement of electrical cables and hence copper, coal (Bankura from IRL), Iron Ore (growing steel demand) I am very comfortable to hold my portfolio on IRL irrespective of market volatility. 

http://www.proactiveinvestors.com.a...duction-record-at-surda-copper-mine-9110.html

http://www.proactiveinvestors.com.au/companies/sponsors_landing/749/india-resources-0749.html

_In the medium to long term, IRL is aiming to double production at Surda. The company is initially targeting production of 450,000 tonnes of ore per annum, to deliver 4,500 tonnes of copper concentrate. _
Longer term, and with further development, the company’s ultimate production target is 900,000 tonnes (9,000 tonnes of copper in concentrate).


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## Miner (27 September 2010)

Just to update on IRL for those who may be interested.


The company has paid off a large loan.
Alexandaria is a party to share
The substantial options to expire because the price woudl be uneconomical means more motivation of the directors to get the performance up.
Copper is hot  and check the Annual report released today
Some people in the market definitely chasing IRL as seen in the volume .
Of course today was very unique as generally market went up with DJ support.

But as I have been posting here - IRL is technically a strong scrip. The price hopefully I am guessing  has bottomed (how far it can go down ) as IRL is not an explorer alone but also a producer. 

Code Last % Chg Bid Offer Open High Low Vol 
IRL 0.020  17.65%  0.020  0.021  0.019  0.021  0.019  *9,480,038  *

24 Sep 2010 0.017 6.25%  0.017 0.016 899,484 
23 Sep 2010 0.016 14.29%  0.017 0.015 *3,402,000 *22 Sep 2010 0.014 0%  0.015 0.014 750,000 
20 Sep 2010 0.014 0%  0.014 0.014 840,000 
17 Sep 2010 0.014 0%  0.014 0.014 400,000 

disclaimer : I do hold IRL and  added up my portfolio  between 1.2 to 1.7 (July 10) cents in last 6 months .

DYOR as I am biased on IRL.


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## Miner (29 September 2010)

IRL Secrets are out in the market.

That explains the heavy buying stuff.

I am however confused if private placement was made at 1.5 cents who were buying between 2 to 2.3 cents for such a high value for last three days ?

I am still holding and considering there were people who bought at the high price and sophisticated investors shown interest, suggest the values are there.

I am planning to hold and add more if the price now deepens.

On the hindsight if I knew could have unloaded yesterday and bought today. 
But who has turned the clock back


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## Miner (6 October 2010)

Notwithstanding I am a holder and would like to see IRL prosper (and my shares prosper I am intrigued to see the volume of transaction so erratically of late and how come ASX is not sending them a PLEASE EXPLAIN note.

Look at the volume of transation and movement. 16.67 % volatility or 32% spread !
Two days 11 m shares got hand changed for  a scrip which normally transactts between few thousands even it is a cheapy.  Sorry I am bit nervous now.  TWO  of the directors boughtsome modest amouunt. see attached.  I am yet to learn who were the sophisticated investors who were fortunate to buy shares at 1.5 cents and with free option. 
Am i getting ripped off as a loyal share holder . Hope Not.

Code Last % Chg Bid Offer Open High Low Vol 
IRL 0.018  -*14.29%*  0.018  0.019  0.021  0.021  0.017  5,432,000  


05 Oct 2010 0.021 16.67%  0.021 0.018 5,450,000 
04 Oct 2010 0.018 5.88%  0.018 0.018 250,000 
01 Oct 2010 0.017 0%  0.017 0.017 687,553 
30 Sep 2010 0.017 -10.53%  0.019 0.017 2,606,326 
29 Sep 2010 0.019 -17.39%  0.022 0.019 3,537,352


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## Miner (7 October 2010)

the heavy volume explains partly : Partial conversion of convetible notes by Alexandara Resources.

Question when the company is selling its shares at a discount why did Alexandara chose to convert its shares ?

Is the company increasing the finance by having cheap equity 

Looks like I am a solo sailor here and hopefully will have last laugh (or cry?)


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## Miner (9 October 2010)

Slow and steady IRL with production report

What is heartening the recovery gone up meaning more copper (if not gold coins) to share holder fund.


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## Miner (2 June 2011)

Another good news from IRL today - record copper production from its Surda factory in India. It looks like an ugly duckling really showing to become a swan very soon.
It also got some technical consultancy work as reported in ASX to have operating cash flow.
I have been holding it for long time though net balance in read but hoping to become green in near future


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## Miner (28 December 2013)

OMG It was me who last wrote on IRL some two and half years ago. No wonder this stock is so slow and sluggish because market is not liking it once Michael K has left the company .
Any way, of late the directors are buying shares of IRL substantially. My hunch is it could be the Aravali court case being settled out of the court or something behind the scene. Why directors are buying so many considering it is a slow moving and often untraded stock.
I do HOLD and DYOR


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## stormboy (4 February 2014)

Hearing positive things about this stock, looking to invest, still in the game Miner or anyone else?


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## Miner (5 February 2014)

stormboy said:


> Hearing positive things about this stock, looking to invest, still in the game Miner or anyone else?




Dear Stormboy

I do not know what positive things you are hearing about this stock nor do I have any such stories.
My observations on this scrip are based on the quarterly report, production records in Sarda and understanding of resource industries in few countries (technical side) and that includes India. IRL has a court case pending but they also have won a long litigation from Hindustan Copper. Unfortunately the share price has not reflected the win against Hind Copper. The manufacturing base is sound as well their safety record. You would have noticed the directors have made a heavy purchase around mid January and surely they know something. I have been holding it for long time but unloaded part of it when the price shot up .8 or  .9 cent (?)  after travelling between 3 to 4 cents. The volume of trading goes up exponentially one day and then no trading. The MD of the company has been constantly buying but he did it for long time probably to have good controlling interest.  Other than copper, their coal and diamond interests were hyped with no tangible result so far. IRL has created many subsidiaries and I did not like they appointed an Indian cricketer Ravi Shastri  in a significant role  issuing lots of options with no tangible results shown to shareholders so far.

The company has failed to market its manufacturing strength into Australian market.
So from investment purpose I do not qualify to advise to you or any one. Sorry, could not help more. Besides, under ASIC rules, no advise can be made in forums like ASF either.
So bottom line is DYOR. I still have some holding on IRL with a hope one day I will retire with lots of papers marked IRL to sell by weight of used papers


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## Miner (20 February 2014)

*Re: Options (as issued recently in IRL)*

I did search today to see the posting on IRL and found this one. Last activity in 2007. Why not Joe closes this thread?
7 years inactivity plus those options are no good. I have them and they are just rotten eggs like this thread.
My


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## Miner (14 November 2016)

Gees
Looks like I was the main contributor to this thread (the most stupid one per se) !!
It is under trading halt for a long time and having the BIG  problem.
What is intriguing that Chairman resigned? The Geologist Andrew Kohler  has left in July after given 60% pay rise when the share price has been slogging and sluggish.
The MD is the most crafty person here with a contract indefinite, $400,000 salary, 44 million shares, termination by the company can be done only by 6 months notice and he could quit with 3 months notice. Why should a sick company can have such an open ended contract ?  Does not ASIC look into this ? Very fishy to me as my shareholding also got stuck in the bottom drawer forever.
Any one was following this ?


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