IRL - The next big thing???

[Tech Step]

Well.

I am amazed that no one has started a topic on this one.

I would be interested in peoples thoughts on this.

with the people running the company how can this not increase in SP?

cheers.

[shasta]

Thanks for the heads up, Tech Step

Have looked at the recent presentation, & quite an impressive, diversified company (Copper, Coal, Diamonds & Base Metals, incl Zinc).

2nd half of 2007 looks to be crucial for IRL, with plenty of activity leading up to first production in 2008.

Will add to my watchlist & look to take a position during Q3.

I see Michael Kiernan is the Executive Chairman of IRL, & has just stepped down from the EC role at Uran.

He has involvement in around 9 listed companies, so will watch this space & see if he remains.

[Tech Step]

Well This company not only has Kiernan but also Forrest (Forrest Family Investments....)

yum....

this company is going places.

[JBmurc]

Don't forget-David humann-MCR Allan Quadrio ex CSM;)

-Going off the Directors IRL has certainly got huge potential
-MK beening the major 9% holder also a plus

-Great jnr base metal&coal$dia for exposure into India

will be watching closely over the short term

-the opts look good at the right price ex20c Dec 2009

[bear]

Fairly strong retracement since post IPO peak of 48.5c to current 28c for the heads. Options still a little weighty at 20c.

still researching but 2nd half looks very important - mid June presentation shows the promise.

any further views

bear

[Tech Step]

the next few months are super important.

[shasta]

Tech

I see the first quarter of 2008 being important to IRL, but before then plenty of time to wait.

Better opportunities meantime

[Tech Step]

I hope people have gotten in before today as they have announced production isunderway in the first quarter of 2008....

go IRL!

[JBmurc]

Yeah liked the look of IRL was going cheap of late-yet another stock I'll probably watch rocket over the near term.

[Tech Step]

I currently hold 37,300 shares at an average price of 24c and 6250 options at average price of 0c so am hoping that this one does rocket. This is a great story IMHO. Into production within 10 months of listing.

Tomorrow will be an interesting one. Would like to see it rerated and finish in the mid 30's.

[Tech Step]

does anyone have a number on what the typical profit per tonne of copper is?

[Tech Step]

well it did 2.5c today (just under 10%) which was not as much as hoped but it is definately going in the right direction.

ps: this was my pick for the X-Club this month....

[Tech Step]

The options a 12c are just too good to be true.

I am going to snaffle those up tomorrow....

[whiteheron]

Tech Step

I am not sure why you think the options are so cheap at 12c
They cost a further 20c to convert to shares on 31/12/09 giving an all up cost for shares of 32c compared to the current share price of 26c
I suppose it depends on your cost of capital, another 6c to effectively borrow 20c for 2years and 5 months --- yes, seems ok, about 9.5 %pa
If the share price strengthens then the options will be a good bet

Good luck

[Tech Step]

I sent an email to the MD of IRL asking him what the priority for them was.He said that they were definately more interested in the Copper side of things and suring up the relationship with Hindustan Copper Pty Ltd. He seemd very positive about their position at the moment. India will be busting for copper when they get things moving.

I am definately looking to top up on thisis the price falls back to the 20c issue price.

sorry for ramping but I like this stock....

[shasta]

I sent an email to the MD of IRL asking him what the priority for them was.He said that they were definately more interested in the Copper side of things and suring up the relationship with Hindustan Copper Pty Ltd. He seemd very positive about their position at the moment. India will be busting for copper when they get things moving.

I am definately looking to top up on thisis the price falls back to the 20c issue price.

sorry for ramping but I like this stock....

POC (Price of copper) looking fairly reasonable at the moment.

check out the latest pricing...

http://www.kitcometals.com/charts/copper.html

[Tech Step]

"ding ding"

All aboard.

Check out the latest announcment (released after the market closed)

Looks like production is going to be on schedule or even early. Ore is coming out of the ground for testing etc.

The relationship with Hindustan Copper looks solid and if they get the tender (October) the share price will go ballistic (IMHO)

Do your own research on this people. And don't say I didn't give fair warning.

cheers.

[Tech Step]

Hope people got on this morning @ 22c

Ended the day at 25.5c up 15.91% on 5-10 times the normal volume......

[Kropotkin]

humbug! :mad:
snuck in for a small holding at 25 just before close

[Viking]

By the time I am working on my research on this one, its already blown out :( so sad for me~ am I too late already?

[tommy]

By the time I am working on my research on this one, its already blown out :( so sad for me~ am I too late already?

I think IRL raised 11 million at 20c per share and listed on ASX at something like 80%+ premium.
So market cap currently arround $17 million @ 30c.

IRL hopes to meet 4,500 tons/annum target in 2008 (this is Surda mine alone). Wonder what EBIT it can generate from that? Anyone want to give a stab at guestimating?

It also has diamond and coal projects underway. Sounds like an interesting start up to me, might be worth a small punt.

_________________

INDIA RESOURCES RIDES THE COPPER WAVE
- PRODUCTION UPDATE

Diversified minerals explorer India Resources (ASX:IRL) has raised the first ore from its Surda copper mine in India, and is on track to commence full time mining by year end.

India Resources Chairman Michael Kiernan said refurbishment work at the previously operated mine in eastern India was well advanced, with restoration of the Mosaboni concentrator at Surda to be completed next month.

"Our Indian team have extracted 900 tonnes of copper ore from the Surda mine, with full scale mining expected to start ahead of schedule in December. We are into copper having hoisted the first ore from the Surda mine, which is excellent progress for India Resources and our shareholders".

"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," Mr Kiernan said.

"IRL aimed to capitalise on a quality project, leading edge mining techniques, and access to one of the world's largest markets. We are bringing cost effective Australian mining techniques and know how to India, and by so doing, will be able to deliver a lower cost copper product for the awakening tiger's economy," Mr Kiernan said.

IRL currently employs approximately 70 personnel directly and approximately 170 through contractors. It has been able to attract quality expatriate staff to help set up the project, including key engineering, surveying and maintenance people. IRL has a full geology team on site, working towards a JORC compliant resource and reserve model.

Mr Kiernan said IRL was also exploring potential expansion opportunities in India with its alliance partner Hindustan Copper Limited (HCL), and had been short-listed in the tender process for the rich Banwas Project, at the Khetri Copper Complex. The project involves development of a new mine with a target of 10,000 tonnes of metal in concentrate per year. Tenders are expected to be issued by November this year.

"This represents a great expansion opportunity, where we can further leverage Australian exploration and mining expertise in India," Mr Kiernan said

Surda Mine

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 concentrate.

IRL has selected two initial mining targets which are estimated to contain between 500,000 and 600,000 tonnes averaging around 1% Cu.

Resurvey of the whole mine is underway to create a three dimensional survey model and is expected to finish during the first quarter of 2008.

Mosaboni concentrator plant

The Mosaboni concentrator has a total annual capacity of more than 900,000 tonnes of ore. The initial production at Surda is projected at 450,000 tonnes per year. Ultimately IRL would like to double annual production from the Surda Mine.

All major components of the plant have been fully assessed and overhauled, and are now in good condition. All required long lead items have been secured. The plant currently has five ball mills, three of which were selected for refurbishment. These will provide production capacity of 1500 tonnes per day.

[Tech Step]

am I too late already?

Nup by no stretch are you too late.

Assuming their relationship with Hindustan is as solid as they reckon then they will probably get the new tender which will see their SP get a speeding ticket as it blows past $1

I am in and still buying sub 30c

good luck to all holders.

[Tech Step]

There is a gap to be filled at 26c. I am going to put a buy in at that price but I do not think that it will get filled (Not to worry as I do have a swag already)... I hope that todays drop was just a bit of profit taking. I am sure that next week we will see IRL push into the 30's. Too much potential for this one to be sitting at 28c IMHO.

well done to all that got in early in the week. +30%ish for the week.. NICE!

[Tech Step]

Just had a look at the chart.

Today's pullback was on small volume! I like it. Definately a bit of profit taking.

I can't wait for next week.

[Viking]

The announcement is out regarding the permit for the diamond project~
But the market doesn't seem like it very much~ lost 0.5cent on it~ :s



Diversified minerals developer India Resources (ASX:IRL) has expanded its presence in India, with granting of a reconnaissance permit (RP) in India’s primary diamond producing region.
The RP (no. 57) covers more than 1000km2 and lies in the Bundelkhand Project in the state of Madyha Pradesh, close to India’s only producing diamond mine at Panna.
India Resources Chairman Michael Kiernan said the Company was developing an expanding
diamond base in India in areas with known kimberlite occurrences.
“India is the home of diamonds, and 11 out of every 12 diamond cut are done so in India,” Mr Kiernan said.

[Viking]

Now, how does everyone like the Rights Issue offer from IRL board?
Guess the good news is the Surda copper project is taking off ahead of schedule~

[STRAT]

Still got your eye on this Shasta??

[tommy]

Does anyone know the exercise price of IRLO? Thanx in advance!

[whiteheron]

tommy

IRLO exercisable at 20c 31/12/09

[tommy]

Thanks whiteheron for the quick reply!

It's always worth checking the options of startup companies to determine whether they have more upside potential than the stock itself, especially when they are underpriced!

[shasta]

Still got your eye on this Shasta??

Wouldnt that be telling....:D

I think what i've prevously stated on IRL stands...:D

[STRAT]

Just read the rights issue ann and its doing my head in
Have I got this right? Current no of shares on issue = 68 900 000 and after rights issue if current options are converted = a possible 150 000 000 shares plus another 98 000 000 options

[shasta]

Just read the rights issue ann and its doing my head in
Have I got this right? Current no of shares on issue = 68 900 000 and after rights issue if current options are converted = a possible 150 000 000 shares plus another 98 000 000 options

Strat

You are right.

Under clause 2 it states the max heads & options of 82m each

That would mean a total of 150m heads & 98m options listed

[shasta]

Thanks for the heads up, Tech Step

Have looked at the recent presentation, & quite an impressive, diversified company (Copper, Coal, Diamonds & Base Metals, incl Zinc).

2nd half of 2007 looks to be crucial for IRL, with plenty of activity leading up to first production in 2008.

Will add to my watchlist & look to take a position during Q3.

I see Michael Kiernan is the Executive Chairman of IRL, & has just stepped down from the EC role at Uran.

He has involvement in around 9 listed companies, so will watch this space & see if he remains.

Strat

To save you the hassle of searching, Q3 = 1 Oct - 31 Dec 07

[STRAT]

Strat

You are right.

Under clause 2 it states the max heads & options of 82m each

That would mean a total of 150m heads & 98m options listedThats some serious dilution :( or is it :confused:

[STRAT]

Strat

To save you the hassle of searching, Q3 = 1 Oct - 31 Dec 07:D In NZ it is :D but why would I be searching?:confused:

[shasta]

:D In NZ it is :D but why would I be searching?:confused:

To see what i said, & just to add some caution re IRL to Tech Step & others.

Crawley Investments (IRL's largest shareholder) is Michael Kiernan, who famously ramped up Uran as a $5- $10 share (when Chairman) then left & beforehand his son sold his Uran shares at a crucial time that depressed & smashed the SP, which still hasnt recovered.

I see MK Jnr is also on the IRL top 20 list :(:mad::eek:

MK also has involvement with other ASX listed companies, namely MON, TTY & he recently tried to snear CSM again.

MK still holds approx 4m shares in Uran, so until he sells, i shall reserve further judgement, though he seems too busy!

My point here is, MK (& his son) are wealthy men, the shareholders in there companies usually arent...

I'll leave it to others to work it out, but do you trust them?:confused:

[STRAT]

Just thinkin out loud here but if they are rasing 20mil to double Copper production when there is no production to speak of and no JORC compliant resource statement then what gives??? Is this more of "you know what" that we have seen in the past from MK?

[STRAT]

To see what i said, & just to add some caution re IRL to Tech Step & others.
Aaah, I thought you were reffering to the Q3 thing but as you can see from my last post we are on the same wave length. Perhaps MKJ wants a new house:eek:

[ritchie]

Anyone got anything useful to say re the rights issue and IRL in general.

Yes Ive read the previous posts...just wondering if any further thoughts that may sway my actions re the issue.

Cheers.

[shasta]

Anyone got anything useful to say re the rights issue and IRL in general.

Yes Ive read the previous posts...just wondering if any further thoughts that may sway my actions re the issue.

Cheers.

When IRL has a JORC resource, forward sales contracts in place & production has a start date (no slippage), & they have there cashflow issues sorted, then & only then would I be buying in.

Too risky for me...:eek:

And so you all know, IRL use "Purple NO Communications" for PR.

They are notoriously bad, ask any Uran shareholder.

Sorry to keep bringing up the comparison, but i feel those that dont know the background, have a right to know.

Just means for me, very unlikely i'd be buying NOT before 2008 :cool:

As always DYOR

[STRAT]

Anyone got anything useful to say re the rights issue and IRL in general.

Yes Ive read the previous posts...just wondering if any further thoughts that may sway my actions re the issue.

Cheers.Its more or less been said but anyone thinking of getting on board. Should look into MK's previous track record. In particular but not exclusively with URA

[Yme]

production kick off in Nov 2007,,,,,,,,,,900t copper ,,is that right.???

price has returned to the spp and now bouncing off the 20 period ma and a show of volume today ,,,

plenty looking for stock under the spp and very skimpy on the sell side,,,,minor down trend line about to bust ???

good to go ???

Yme

[JBmurc]

Not the biggest fan of MK still was keen on IRL's story at alot higher prices so with the SP at all time lows I brought up 100,000 should rerate with India only having 29% of its pop. in city's as the country is only 2nd to china in it's massive growth phase copper will be high demand for building more city dewings




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.

[JBmurc]

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.


-I be stoked if they do

[Tech Step]

[QUOTE=JBmurc; -I be stoked if they do[/QUOTE]

If they get that we will see the SP blow through the 20's

[STRAT]

I see MK bought a million shares at market :eek: Christmas pressie for someone maybe? If they are for his son this whould have to be a buy signal? What do you you recon Shasta? :D:D:D

[shasta]

I see MK bought a million shares at market :eek: Christmas pressie for someone maybe? If they are for his son this whould have to be a buy signal? What do you you recon Shasta? :D:D:D

MK will ramp IRL as a $1 - $2 share & then proceed to dump them...

Well thats what he did (via his son) last time! :D

[STRAT]

MK will ramp IRL as a $1 - $2 share & then proceed to dump them...

Well thats what he did (via his son) last time! :DThats what I was thinkin too. Could be a trade in there sometime but as always timing is everything :p

[JBmurc]

--MK---is the major negative factor with IRL still great focus area in India with penlty upside just hope MK doesn't give away shares for nothing

[JBmurc]

First copper sales as Surda steams ahead
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.
�IRL�s 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.
�IRL�s 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 HCL�s 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.



JBMurc-glad to be holding 100,000 irl 17c

[JBmurc]

from the lastest article in Resource mag on HC heres the link-http://www.indiaresources.com.au/files/RS_Jan_07_LR_India_Resources.pdf

[Tech Step]

A really good presentation by MK on IRL - his so called sleeper. I think slide 11 or 13 is the goods.

http://sydneyminingclub.org/presentations/2008/february/territory%20resources/player.html

[JBmurc]

10,000 tons copper planned for 09 not bad for a early start up jnr
even better when its doing it in india(forget the exporting costs)- THE SLEEPER

[Tech Step]

JBmurc.

It seems that you and I are the only ones keen on this one.

Did you catch that Kiernen sttod down as MD and hasput Simpson in.

This to me says that there is too much going on in India for him to be in charge of. He hinted in the Sydney presentation that they had secured the Kentri copper mine refurb contract.

I hold a swag of this and if it gets to 30c I wont be working for a year....

Very bullish on this.

Tech

[shasta]

JBmurc.

It seems that you and I are the only ones keen on this one.

Did you catch that Kiernen sttod down as MD and hasput Simpson in.

This to me says that there is too much going on in India for him to be in charge of. He hinted in the Sydney presentation that they had secured the Kentri copper mine refurb contract.

I hold a swag of this and if it gets to 30c I wont be working for a year....

Very bullish on this.

Tech

Surely MK standing down would make this a technical buy :D

Might have to take another look...

[macduffy]

Hi shasta.

This is not the right thread but I was interested in your ( throw-away? ) comment re MK.
I've been researching Territory Resources - TTY - another of MK's companies as you are no doubt aware. Heard a very interesting recent recent presentation from him to the Sydney Miners in this capacity.
I'm aware vaguely that MK has a very "controversial" reputation in mining circles but not aware of specifics. Can you point me in the direction of some info in this regard?

Thanks

:)

[shasta]

Hi shasta.

This is not the right thread but I was interested in your ( throw-away? ) comment re MK.
I've been researching Territory Resources - TTY - another of MK's companies as you are no doubt aware. Heard a very interesting recent recent presentation from him to the Sydney Miners in this capacity.
I'm aware vaguely that MK has a very "controversial" reputation in mining circles but not aware of specifics. Can you point me in the direction of some info in this regard?

Thanks

:)

Listen to MK on Boardroom Radio, he ums & arghs & takes it like a joke...

He has too many fingers in too many pies IMO, & his son tends to follow him into the companies he chairs/runs...

He rarely buys shares on-market (tends to get cheap options for himself), & Uran was a classic example where at a crucial time, his son dumped a block of shares & shattered the share price, which never looks good.

The reason we were later told was his son bought a house!

MK still has some 4m shares in Uran but 99% of these were "given" to him.

MK is/has been involved with, CSM, URA, AZC, TTY, MON, IRL among others....

He has a tendency to look after "Number 1" & stuff shareholders...

Look at his antics trying to takeover CSM!

I'm a tad bias towards MK, due to his Uran antics & his now infamous "ramp" at the AGM that the SP would be $5 on 1 project & $10 with 2.

He then stepped down suddenly, with a weak excuse he had other things on the go...

Trying to be fair to him, he has great connections (with $$$$) & he seems to get onto baords fairly easily, my main concern is that he has too much on his plate & ultimately it's the shareholders that suffer...

He trades as Crawley Investments, so i suggest you check out the IRL/TTY/MON latest BRR presentation & listen to him & then check his holdings & how he got them?

Sorry to be off thread folks, but people investing into MK run companies need to be warned of his past.

[macduffy]

Thanks, shasta. ;)

I'll keep digging!

Now this thread can return to IRL !

[shasta]

Thanks, shasta. ;)

I'll keep digging!

Now this thread can return to IRL !

Macduffy

If you go back earlier in this thread, i did mention IRL was well worth a look in the 1st quarter of 2008.

I do like its potential...

[macduffy]

shasta

I was more attracted to TTY, Australian iron ore producer ( admittedly not large scale ), good infrastructure ( port, Alice Springs/Darwin rail ), haematite ore, strong shareholder in Noble Group with their Chinese connections, MK's connections and "vision".

Not wanting to hijack the IRL thread but do you have any thoughts on TTY?

Cheers :)

[shasta]

shasta

I was more attracted to TTY, Australian iron ore producer ( admittedly not large scale ), good infrastructure ( port, Alice Springs/Darwin rail ), haematite ore, strong shareholder in Noble Group with their Chinese connections, MK's connections and "vision".

Not wanting to hijack the IRL thread but do you have any thoughts on TTY?

Cheers :)

I've sent you a PM - to keep it off thread

[shasta]

I've sent you a PM - to keep it off thread

Good presentation out to highlight IRL's forray into India...

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=407925

[shasta]

Good presentation out to highlight IRL's forray into India...

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=407925

IRL have an indirect 17.14% holding in a TSX listed company (TSX-V: PEB) who are exploring for Potash in India.

Potash is a hot commodity...

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=415513

[shasta]

IRL have an indirect 17.14% holding in a TSX listed company (TSX-V: PEB) who are exploring for Potash in India.

Potash is a hot commodity...

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=415513

IRL - Presentation Out

Warning - please DYOR on Crawley Investments & Michael Kiernan's background before parting with your hard earned cash.

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=420994

[shasta]

IRL - Presentation Out

Warning - please DYOR on Crawley Investments & Michael Kiernan's background before parting with your hard earned cash.

http://www.stocknessmonster.com/news-item?S=IRL&E=ASX&N=420994

A must read article for all companies associated with Michael Kiernan & Crawley Investments...

Monarch goes, but Kiernan link stays


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FIRST it was Territory Resources and India Resources - both formerly linked to the Perth resources identity Michael Kiernan - that were propping up ailing miner Monarch Gold.

Now Monarch is in administration, the former Kiernan miners have had their investment losses covered by loans from another of his business associates.

An examination of financial accounts shows the Hong Kong-listed commodities trader Noble Group - Mr Kiernan's partner in an unlisted investment vehicle, Crawley Resources - has loaned more than $45 million to Territory and India since February. Territory and India last week took $47 million impairment charges on funds invested in Monarch and other companies linked to Mr Kiernan.

Territory reported advances of more than $44 million from Noble between February and May, and still owed the commodities trader $27 million as of June 30. Territory's loans from Noble roughly equal the $43.8 million in impairments it declared following the failed investment strategy under Mr Kiernan's guidance. Including funds from the advances, Territory had a cash balance of only $1.9 million as of June 30, although its Frances Creek iron ore mine in the Northern Territory is now operating profitably.

Territory needs more than $20 million in new funding to expand its iron ore mine. It is trying to get finance on commercial terms, but Noble has offered funding if the terms are not deemed acceptable to Territory. Noble markets all of Territory's iron ore.

India, which has yet to report positive cashflows from its Surda copper mine, had $1.3 million cash as of June 30 after reporting $3.25 million of impairments. On September 5 India secured a $1.5 million working capital facility from Noble and had drawn down $500,000 as of last week.

Crawley has a stake in Territory and India. Noble's chief executive, Richard Elman, is a director of Territory and Crawley. Andrew Simpson, chairman of Territory and India, had been a director of Crawley with Mr Kiernan and Mr Elman, but quit in June after Monarch entered administration.

Mr Kiernan is attempting to re-enter the mining sector via the Sydney investment company Alexanders Securities, which could include buying some assets from Monarch's administrators.

Alexanders' shareholders will vote on a proposal next week under which Mr Kiernan and his son would buy a controlling stake of cut-price shares and options and then change the company's focus to mining.

[shasta]

A must read article for all companies associated with Michael Kiernan & Crawley Investments...

Monarch goes, but Kiernan link stays


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FIRST it was Territory Resources and India Resources - both formerly linked to the Perth resources identity Michael Kiernan - that were propping up ailing miner Monarch Gold.

Now Monarch is in administration, the former Kiernan miners have had their investment losses covered by loans from another of his business associates.

An examination of financial accounts shows the Hong Kong-listed commodities trader Noble Group - Mr Kiernan's partner in an unlisted investment vehicle, Crawley Resources - has loaned more than $45 million to Territory and India since February. Territory and India last week took $47 million impairment charges on funds invested in Monarch and other companies linked to Mr Kiernan.

Territory reported advances of more than $44 million from Noble between February and May, and still owed the commodities trader $27 million as of June 30. Territory's loans from Noble roughly equal the $43.8 million in impairments it declared following the failed investment strategy under Mr Kiernan's guidance. Including funds from the advances, Territory had a cash balance of only $1.9 million as of June 30, although its Frances Creek iron ore mine in the Northern Territory is now operating profitably.

Territory needs more than $20 million in new funding to expand its iron ore mine. It is trying to get finance on commercial terms, but Noble has offered funding if the terms are not deemed acceptable to Territory. Noble markets all of Territory's iron ore.

India, which has yet to report positive cashflows from its Surda copper mine, had $1.3 million cash as of June 30 after reporting $3.25 million of impairments. On September 5 India secured a $1.5 million working capital facility from Noble and had drawn down $500,000 as of last week.

Crawley has a stake in Territory and India. Noble's chief executive, Richard Elman, is a director of Territory and Crawley. Andrew Simpson, chairman of Territory and India, had been a director of Crawley with Mr Kiernan and Mr Elman, but quit in June after Monarch entered administration.

Mr Kiernan is attempting to re-enter the mining sector via the Sydney investment company Alexanders Securities, which could include buying some assets from Monarch's administrators.

Alexanders' shareholders will vote on a proposal next week under which Mr Kiernan and his son would buy a controlling stake of cut-price shares and options and then change the company's focus to mining.

Aotea - use this thread

[STRAT]

and have a real close look at this fella

Kiernan

[shasta]

and have a real close look at this fella

Kiernan

Definitely anything to do with Crawley Investments (Michael Kiernan) should be avoided!