SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Hindustan Copper receives notice from IRL for termination of Surda mines operations

09 Jun 2017 Evaluate

Hindustan Copper (HCL) has received a notice from India Resources (IRL), a Special Purpose Vehicle (SPV) of Eastern Goldfields (EGL), stating to have purportedly terminated the operation and maintenance of Surda mine contract with effect from June 02, 2017. The company has taken stand that the above notice is unilateral, wrongful and breach of the present contract for which HCL is entitled to claim liquidated damages from IRL/EGL. There has not been any failure on the part of HCL to pay to undisputed monthly payments for a continuous period of 90 days from the date of submission of bill for the works executed.

Meanwhile, the company has taken measures to appoint an agency for re-starting the operations of Surda mine at the risk and cost of IRL/EGL. HCL has floated tender for award of fresh contract for long term operation and maintenance of Surda Mine.

Since April 2017, the performance of IRL/EGL has deteriorated sharply and has failed to achieve the monthly production targets thereby miserably failing in its contractual obligations. In fact, IRL/EGL has huge outstanding liabilities in the market of more than Rs 40 crore which is payable to its Bankers (creditors), suppliers and wages to its employees including statutory payments.



Hindustan Copper Share Price

569.60 5.90 (1.05%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Hindalco 1038.95
Vedanta 787.60
Hindustan Zinc 592.35
Jain Resource Recycl 420.90
Gravita India 1639.80
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×