India Resources clinched Surda copper contract extension

[Editor: Shriram EPC Ltd was recommended to the Premium Group members, on last Friday at around Rs.36-37, for a target of Rs.42. This scrip is from the reputed Ennore Coke group]

Friday, June 06, 2014: India Resources has advised that the Board of Hindustan Copper has approved an extension of its Surda copper operations contract to March 2017, or the date of completion of the Surda Shaft Sinking and excavation contract awarded to Shriram EPC.

In March 2013, IRL and its wholly owned subsidiary, IRL Copper Mining Private Limited (ICMPL), entered into an agreement with Shriram EPC to undertake the Surda Shaft Sinking contract on the basis that ICMPL would act as sub-contractor on behalf of Shriram EPC. 

The simultaneous execution of the Surda operations contract and the Surda Shaft Sinking contract was the remaining condition precedent to this agreement.

IRL is a junior copper producer, and has been posting strong sales from its Surda mine in India.

The uptrend and consolidation of copper production and sales is impressive for the $3 million company, and it is well leveraged to increased copper prices.

IRL also controls diamond and iron ore tenements in India.

Source: Proactive Investors, Australia

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