India resources – hot or not
We had india resources jumping from 0.6C to 1.7C when most of the market was crashing downwards. Question is ..Is it a penny hopeful ? Here is some background on the company.
India Resources Limited (IRL)
India Resources Limited
22 September 2008 – India Resources Limited Broadcast … 15 April 2008 – India Resources secures future copper production base …
www.indiaresources.com.au
India Resources Announces 2008 Results [PDF]
The company, founded and part-owned by the former managing director of Consolidated Minerals, has raised $11 million from institutions and retail investors over the past few weeks.
The Perth-based venture was set up last year to pursue mining opportunities in India, including copper, coal and diamonds.
"We believe that investors have a great opportunity within the Indian resources industry, which is not as developed to the extent as Australia’s and South Africa’s," Mr Kiernan said yesterday
Overview
One key issue that has historically plagued the Indian resources sector is not its lack of resources, rather the mining methods that results in a high cost base of mining operations in comparison to countries such as Australia. This together with the need for strong exploration expertise provides an opportunity to combine Australian mining and exploration skills with the vast Indian minerals prospectivity.
The Indian mining market will undergo changes in the next 12-18 months following changes from the government based on recommendations from the Hoda Report which looked into the regulations and obstacles of the mining industry in India. The mining sector could become much more important to the Indian economy in years to come if some of the changes now happening come to fruition. India Resources is positioned to immediately benefit by these changes.
The Company has developed a close commercial alliance with Hindustan Copper Limited (HCL, a Government of India enterprise) with two initiatives. Hindustan Copper is the sole integrated producer of primary copper in India and is listed on the Mumbai, Delhi, Calcutta and Madras exchanges. The company operates plants and mines at Khetri Copper Complex in Rajasthan (ore mines, concentrator, smelter and refinery plants), Malanjkhand Copper Project in Madhya Pradesh (ore mine and concentrator), Taloja Copper Project in Maharashtra (continuous cast copper complex) and its Indian Copper Complex in Jharkhand (concentrator, smelter, refinery and wire bar plants). The second initiative is to conduct exploration and ultimately develop several of its prospective copper tenements.
These alliances with HCL are a first for an overseas group and are indicative of the Indian resource industry’s willingness to embrace Australian exploration and mining expertise
India Resources IPO raises $11 million – International Business …
India Resources’ initial public offer has closed oversubscribed, raising $11 million.
Company’s portfolio of assets comprises:
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. IRL has re-opened the Surda Mine with an initial objective of delivering annual production of 4,500 tonnes of copper metal in concentrate.
Exploration MOU – 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.
Aravalli Project – The Company has acquired two Reconnaissance Permits (RPs) in Rajasthan (north western India). 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.
.Askot Project – IRL has taken a placement comprising about 17% of the share capital of Pebble Creek Mining Ltd. (TSX-V – PEB), a Canadian company listed on the Toronto Venture Exchange. Pebble Creek’s main asset is the Askot Project: a VMS deposit of copper, lead, zinc, gold and silver mineralisation in northern India. Pebble Creek is currently compiling a resource estimation.
Diamonds – The Company’s diamond initiative focuses on the Bhandara Diamond Project which currently consists of five granted RPs in Orissa, as well as three RP applications in Chhattisgarh, located in the region of several kimberlite fields. In addition bulk sampling is planned at two diamondiferous kimberlites on IRL’s granted PLs of the Dharwar Project in Andhra Pradesh.
Coal/Iron Ore – As has happened in China, India’s rapidly growing economy is driving a surge in demand for power and steel. IRL is currently seeking suitable projects for rights to explore and develop coal or iron ore in India.
India Resources released 55 million new shares at 20¢ each through the initial public offering, taking the total number of shares to 81 million. There are also around 54 million options over shares.
Mr Kiernan owns 5 million shares and 20 million options. And Monarch Mining has been issued 350,000 shares as payment for project evaluation work for the tender of the Surda copper mine.
India Resources released 55 million new shares at 20¢ each through the initial public offering, taking the total number of shares to 81 million. There are also around 54 million options over shares.
Mr Kiernan owns 5 million shares and 20 million options. And Monarch Mining has been issued 350,000 shares as payment for project evaluation work for the tender of the Surda copper mine.
Contact Us
989 Wellington St
West Perth WA 6005
PO Box 869
West Perth WA 6872
T: +61 8 9327 7444
F: +61 8 9327 7499
admin@indiaresources.com.au
www.indiaresources.com.au
