Australian company gets nod for aravalli mining.

The Rajasthan government has approved a mining lease for India Resources Rs. 1,200-crore lead-zinc project in the state's Aravalli region, ending uncertainty for the Australian contract miner that had been lobbying for it for six years.

Perth-based IRL, which has been engaged in contract mining at Hindustan Copper's Surda mines in Jharkhand since 2007, told the Australian Stock Exchange that the state government has administratively approved a mining lease in favour of Crown Mining Private Ltd. (CMPL), a 100% subsidiary of IRL.

'It sends the right signal to the international community that India is getting ready to attract foreign investment under the new government,' said Arvind Misra, managing director of IRL. 'This decision by the Rajasthan government is significant as we have been lobbying for it for the last six years. We are grateful for this outcome immediately after the visit of Prime Minister Narendra Modi to Australia.'


ET