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2011 Annual General Meeting
25 November 2011
Arvind Misra – Managing Director
Disclaimer
Forward-Looking Statements
This presentation contains forward looking statements concerning the projects owned by India Resources Limited. Statements concerning mining
reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-
looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking
statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions
and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these
beliefs, opinions and estimates should change or to reflect other future developments.
Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates
only. All such information and data is currently under review as part of India Resources Limited’s ongoing development and feasibility studies.
Accordingly, India Resources Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the
feasibility studies are completed.
Competent Person’s Statement
The geological and assay statements and commentary in this presentation are based on information compiled by Andrew Kohler who is a member of
the Australian Institute of Mining & Metallurgy. Mr Kohler has reviewed the information and has satisfied himself that the values quoted and the
parameters used in the study are reasonable and accurately reflect the operations involved. Mr Kohler is a consultant of India Resources Limited and
has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Kohler consents
to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this presentation relating to the resource and reserve estimate for the Askot Project is based on information compiled by Mr Souvik B
Banerjee and Dr Jean-Francois Couture. Both Mr Souvik B Banerjee and Dr Jean-Francois Couture are members of Recognised Overseas
Professional Organisations included in a list promulgated by the ASX from time to time.
JORC – Exploration Targets
It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation
relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms
Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been
insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a
Mineral Resource.
2
2011: Building on our Strong Foundations
Flagship Surda copper mine performed strongly.
Strong reputation in India has been established.
- Tremendous contracting potential – one coal project signed, one
coal and one copper project emerging.
- Outstanding exploration potential – exploration projects include
lead, zinc, copper and gold.
Australian contracting potential has now being established.
Reputation and potential is attracting financing interest.
3
2012: The Year Ahead
Seeking debt financing to fund the Prism Project, and improve
the financial structure of the Group in general.
Anticipating that successful tenders for a copper and a coal
project can develop into signed contracts.
Enormous activity in India – opportunities exist to tender for
many more projects.
Working to progress opportunities in Australia.
4
Company Overview – Business Structure
One of the first foreign start-up mining companies currently
operating in India... IRL Business Structure
Mine Production & Processing Exploration & Development
Copper - Surda
Producing 3,550tpa Cu Lead & Zinc
Employing 1,280 people Exploration in Rajasthan
ML application over granted RP
Coal – Sial Ghogri
Mine Developer and Contractor Copper
Coal – Biharinath Project Exploration in Rajasthan
LOI signed for development PL application on granted RP
Awaiting clearances from MoC
Iron Ore
Copper – Rakha Exploration in Orrisa & Jharkhand
Most competitive bid to re-open, operate
and expand Rakha Copper Mine
Luminus Contracting order book
MOU signed to provide Mining Services totals A$340 million.
5
Company Overview – Corporate
Key Statistics (A$)
Ordinary Shares on Issue current: 587.5m
Options on Issue: 49.1m
Price: $0.010
Market Cap (undiluted): $5.88m
Top 5 Shareholders
Name Shares % Held
Alexandra Resources 104,822,662 17.84%
Chimaera Capital Limited 58,690,848 9.99%
Antonius Clemens Bohnenn 21,858,313 3.72%
Bruce Alexander Davies 17,520,553 2.98%
Steven Paul Swallow 12,750,000 2.17%
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Company Overview - Board of Directors
IRL has a strong Board, including individuals with extensive experience operating in India
Extensive business development and global marketing experience in
the resource and mining industry.
Andrew Simpson
Chairman of Territory Resources and Swick Mining Services. Non-
Chairman
executive Director of Vital Metals and Blackwood Corporation.
A mining engineer with 22 years international mining industry
Arvind Misra experience. Worked with mining houses such as Rio Tinto Coal, BHP
Managing Director Mitsubishi Alliance, Mount Isa Mines and Griffin Coal
Established Aranak Pty Ltd, a Perth-based Mining Corporate Advisory
Company.
David Humann Extensive accounting and finance experience as the Chairman and
Non-Executive Managing Partner of Price Waterhouse (Hong Kong & China).
Director Chairman of Mincor Resources NL and Advanced Banking
Technologies Ltd, and Director of Logicamms Ltd.
Craig Readhead Partner of Allion Legal with 30 years legal experience
Non-Executive Chairman of Heron Resources. Director of Mount Gibson Iron Ltd,
Director Galaxy Resources Ltd, Beadell Resources Ltd, General Mining Ltd and
Frankland River Olive Company.
Frank Campagna Certified Practising Accountant with over 25 years experience as
Company Secretary, Financial Controller and Commercial Manager
Company Secretary
for listed resources and industrial companies.
7
Company Overview - Senior Management Team
Strong management team with extensive experience operating in Africa, Australia and Asia
Ravi Shastri International television commentator and former test match
Strategic Advisor to the Board
cricket all rounder. A Director of the SPS Group and sits on the
governing council of the Indian Premier League.
Darryl Cockcroft Mining Engineering along with M.Sc (Mineral Economics) with
General Manager – New several years Operational Management experience on Gold,
Projects
Coal and Base Metal Mines.
HR & IR Specialist with over 16+ years of Industrial experience;
Krishna Kant Dubey Master of Social Work (MSW); Diploma in Industrial Relations &
General Manager HR
Personnel Management and Bachelor of Law.
Vinay Kumar Singh Metallurgical Engineer with 14 years experience in mineral
processing plant, of gold and copper; worked with The Hutti Gold
General Manager Surda Operations
Mines Ltd, India.
Certified Practising Accountant and Chartered Secretary with 15
Mike Muhling years experience primarily in a diverse range of senior roles for
Group Commercial Manager
listed resource companies.
Qualified geologist with several years of working experience from
Andrew Kohler
Consultant Geologist Australia and Asia. Extensive exploration and mine geology
experience.
8
Company Overview – Prior year’s share price
IRL Share Price
IRL Share Price 2010-2011 All Ordinaries Index
0.025 5500
5300
0.020 5100
4900
0.015 4700
4500
0.010 4300
4100
0.005 3900
3700
0.000 3500
Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sept 11 Oct 11 Nov 11
9
Overcoming obstacles – improving EBITDA
Group and Surda EBITDA: 2008 – 2011 financial years
Group Surda Group Net Profit
3,000,000
1,000,000
2008 2009 2010 2011
-1,000,000
-3,000,000
-5,000,000
EXPENSES EXCLUDED FROM EBITDA
-7,000,000
Expense 2008 2009 2010 2011
$'K $'K $'K $'K
Depreciation &
-9,000,000
Amortisation 1,266 2,825 1,513 1,441
Finance Costs 15 563 431 832
-11,000,000
Impairment - Receivables 2,554 0 674 809
Exploration W/O 0 0 0 483
TOTAL 3,835 3,388 2,618 3,565
-13,000,000
10
Overcoming obstacles
The cashflow at Surda has improved and stabilised the Company’s cash
balance.
The Convertible Notes issued to La Jolla have now been converted to shares.
The Company has developed Surda and its project pipeline despite its limited
financial resources.
There is potential for the Company ‘s liquidity to drastically improve:
- Cashflow from Surda continues to improve.
- Over $6M AUD under dispute with HCL from various claims are in advanced
stages of arbitration and/or legal resolution.
- Long awaited distributions from the Swan Group Trust are expected soon.
Improved financial liquidity will increase the Company’s growth potential.
11
Overcoming obstacles – improving cash at Bank
Group cash at Bank: 2009 - 2011
Cash at Bank
$0
Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11
-$500,000
-$1,000,000
-$1,500,000
-$2,000,000
-$2,500,000
-$3,000,000
12
Project pipeline – gaining momentum
The Company has been building an outstanding project pipeline
22 September 2010 8 August 2011 29 September 2011
Appointed Preferred Lead Tender Signed Sial Ghoghri
Contractor Rakha Copper Project Coal Project
Sial Ghoghri Coal Project
$
25 January 2010 1 June 2011 6 October 2011
Signed Letter of Intent Appointed Technical Signed MOU with
With Bankura DRI to develop Consultant by Luminus Systems
Biharinath Coal Block Luminus Systems - Mining Services Contract
13
Project pipeline – value of contracts ($M AUD)
Prism Rakha (most competitive tender) Surda
400
350
300
250
200
150
100
50
0
2008 2009 2010 2011
14
Project pipeline – India the land of opportunity
India’s rapid growth is fuelling its demand for resources
Coal supply’s have been forecasted to meet this demand
900
India’s forecasted primary coal supply
800 (Millions of tonnes).
700
600
500
7% Growth
400 8% Growth
300
200
100
0
2011 2016 2021 2026 2031
From: The Planning Commission, “Draft Report of the Expert Committee on Integrated Energy Policy” (Dec 2005).
15
Project Pipeline – India’s Coal Block Allocations
India has responded to rapid growth by allocating its coal blocks. Coal block
holders must use or loose their allocation.
Prism’s Sial Ghoghri (30MT) and Bankura’s Biharanath (95MT) were allocated in
May and Feb 2007 respectively. They are early movers from a total allocation of
43,548MT. There will be more projects similar to Sial Ghoghri and
Biharanath to tender for….
No. Blocks Allocated - 2nd Axis Geological Reserves Allocated (MT)
50,000 350
45,000
300
40,000
35,000 250
30,000
200
25,000
150
20,000
15,000 100
10,000
50
5,000
0 0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Cumulative Allocations - From: Government of India – Ministry of Coal: Details of Coal Blocks Allocated as at 23 June 2011.
16
Project Locations
Surda – Copper Project
Biharinath – Coal Project
Sial Ghogri – Coal Project Askot
Aravalli – Lead-Zinc
Project
Aravalli
Bundelkhand
Biharinath
Sail Ghogri
Askot – Base Metal Project Jharkhand
Orissa
Surda
Diamond Projects: Bhandara
Bundelkhand, Bhandara,
Dharwar Dharwar
17
Existing Operation (Surda Project)
18
Surda Copper Mine – Overview
IRL refurbished and Surda and
began production in November 07
As of June 30, 2011 has a JORC
compliant resource of
12.3Mt @ 1.09% Cu
Estimated 28-year mine life
Off-take contract with HCL until 2014
As of the 30 June 2011 the JORC compatible resource remaining
Category Tonnes Grade (Cu %)
Measured 5,220,798 1.06
Indicated 6,959,000 1.12
Inferred 113,000 0.79
TOTAL 12,292,798 1.09
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Surda safety – done to Western Australian standards
Mine LTI Frequency Rate
3 .5
SURDA UNDERGROUND COPPER MINE 3 .0
Operation underpinned by core focus on 2 .5
safety – integrated management system 2 .0
covering OHS and environmental 1.5
management 1.0
LTIFR 1.20 Surda Mine 2011 (compared to 0 .5
4.6 for West Australian underground mines 0 .0
FY '2 0 0 8 FY '2 0 0 9 F Y ' 2 0 10 F Y ' 2 0 11
in 2009)
Approximately 1,280 workers on site
Surda production is on the up – new production records set
IRL produced 378t MIC in May11
IRL produced 967t MIC for the June Qtr
In comparison previous operator produced on average 215t /month
IRL produced 3,551t of MIC for 2010-2011 best year to date
Copper in Concentrate (MT) - Second Axis Ore to Mill (MT) Ore Milled (MT)
450,000 4,000
400,000 3,500
350,000
3,000
300,000
2,500
250,000
2,000
200,000
1,500
150,000
1,000
100,000
50,000 500
0 0
2007/08 2008/09 2009/10 2010/11
Level 11 development
1.2m 1.8m
Disseminated/ massive ore
Braided ore
Driving 243.7m
Rising 249.4m Level 11
Lode
Cross cut 68.3m mapping
North of
Tonnage 23,500t Shaft 3
Grade 1.2%Cu
Blocks 1 and 660 opened
Blocks 6, 18, 32 expanded
Surda Cross Section – Drilling for the Future
Block 1 & 660 opened
Level 11
Block 6,18,32 expanded
23
New Projects in India
24
Sial Ghogri Coal Project
Project owned by Prism Cement
IRL signed contract in Sept 2011
Long life (30+ years) coal
development and mining contract
Contract value $247m AUD
First coal delivery of 30,000 tonnes
Sail Ghogri
targeted for third year of
operations, ramping up to targeted
330,000tpa by seventh year
Two mineable coal seems IC and
the underlying III JORC compliant
resources and reserves:
tonnes (x000)
Resource Resource
Seam <250m >250m Total Reserve
IC 4,091 8,785 12,876 5,020
III 1,926 2,093 4,019 670
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Total 6,017 10,878 16,895 5,690
Prism – What has been done to date?
Review of Geological Structure and Resources being done with
assistance from Kopex.
Definition drilling for Box Cut, Incline and Vent Shaft in progress.
Initial site establishment has been done.
Initial employees for first phase have been signed on.
Progressing $9M in financing within India through private
investors and Indian banks.
Looking to finance/lease $6.4M through equipment suppliers and
$1.9M through other sources.
Review with Prism is due in January 2012. If the assumptions of
the contract vary significantly (+/- 10%), contract will be
readjusted.
26
Rakha Copper Project
IRL and Kopex’s joint tender to re-open, operate and expand the Rakha
Copper Mine was adjudged the most competitive in August 2011.
A contract is expected to be signed in the very near future.
The total contract value is $58m AUD.
Scope of work to include engineering, procurement, construction and
execution of all the activities in relation to the project.
The Rakha site
adjacent to the
existing Surda
operations
offering potential
synergies such
as management,
overheads and
equipment.
27
Exploration Projects
28
Aravalli Lead-Zinc Project
Intense mineralisation Sedex
Deposit similar to Mt Isa
Two excised mines owned by
Vedanta Resources Ltd:
- Major resource and reserve increase
from 103Mt in FY2010 to 117.4Mt in
Aravalli FY2011
- JORC resource at Rajpura-Dariba of
49.5Mt @ 7.5% Zn, 2.0% Pb and
Sindesar Khurd of 67.9Mt @ 5.1% Zn,
3.2% Pb from Verdanta PLC website
vedantaresources.com
Mining Licence Application
progressing at state level – process
will take time- meetings held with
State Minister for Mines. Support
29 from Australian High Commission.
Hindoli and Sathudia Base Metal Project
Hindoli near Aravalli Lead-Zinc Project
RP area of 3,754km2 in Rajasthan
Located between RP’s held by Anglo
American, HZL and ACC Rio Tinto
Ideal structural setting for copper
mineralisation
Surface mineralisation primarily copper,
subordinate lead, zinc and silver and one
Hindoli
area of gold
Hindoli
Sathuddia formerly part of Aravalli RP
IRL drilling at 50m intervals – all holes
Aravalli
Sathuddia
intersected disseminated or stringer
chalcopyrite; best intercept of 9m at 1.7%
Limited drilling on old workings, with excellent
potential to expand along strike and at depth
Applications Hindoli Reconnaissance Permit,
Sathuddia Exploration License, progressing at State
Government level Lobbying and meeting with
Ministers
30
Mineral Resources increasing at Askot
Note: IRL holds a strategic 10% shareholding in
7,500m diamond drill program in 2010
Pebble Creek Mining Limited, which owns
100% of the Askot Project
results were….
Hole 019A intersected 8.7m of
disseminated sulphide mineralisation, incl.
Askot
2.2m at 5.57% Cu Eq, from 363.7m
Opens up a large untested area along
strike to the NW and down dip from the
previously delineated mineral resource
1.2 million tonnes increase in Resources
31
Diamond Projects
Farm-in agreement with Vajra Diamond Mining
Private Limited:
Two diamondiferous kimberlites bulk sampling
scheduled CC4
Multiple proximal kimberlitic mineral indicator
anomalies
Bundelkhand
Excellent exploration potential
All located on granted tenure
Bhandara Sampling on Bundelkhand results pending
Dharwar
32
Australian Opportunities
33
Luminus – IRL Consulting Projects
Signed MOU with Luminus Systems Limited in September 2011
Subject to the conclusion of definitive agreements, IRL is to be the
exclusive provider of mining services for several Australian mining
projects.
Services are expected to include feasibility reports, mine planning,
engineering and contract mining.
Georgina Basin
Phosphate and Mt
Isa Base Metals
Exploration
Mt Haden Gold-
Copper Project
34
Mt Haden conceptual mine design
Seven mining levels designed, 3g/t cutoff used, lowest level 170m of the mine
Decline begins from old adit day lighting at surface, levels from the decline at 20m intervals.
2.8km of tunnel development including drives along orebody
Vent on each level and extending exhaust
shaft to bottom of mine.
Top down mining approach incuding
stoping, rises made at the start of each
ore drive for ore breakage during stoping
Exploration model breccia pipes leading to
possible Cu – Au - Mo stockworks and
porphyry. Many targets from Aeromag
North Queensland Phosphate and Mt Isa Base Metals Location…
North Queensland Georgina Basin
Phosphates
- World class phosphate province 93%
of Australia’ demonstrated resources
occur in the Basin (Geoscience
Australia).
- Phosphate mineralised belt extends
for over 250km from Phosphate Hill
and Duchess in the south to
Thorntonia, D-Tree, Lady Jane/Lady
Annie (Paradise North and South)
and Century in the north,
- 5 EPMs 746.5km2
Mt Isa Exploration Project
- 13 EPMs 1,498km2
- Uranium, as well as base and
precious metal mineralisation
Summary & outlook
EBITDA and cash position is improving.
Established complementary strategic partnerships with KOPEX and Chimaera.
We are building on our reputation established in India
Only foreign-owned mine operator to successfully negotiate the challenges of
commencing mining in India:
Strong brand name in India and in-depth understanding of environment.
Surda operation performing strongly – stable production levels.
Outstanding asset pipeline
Signed 30 year life of mine contract as Mine Developer and Contractor of
Prism’s Sial Ghoghri coal block.
Recently awarded a preferred contractor status to sink several shafts and
underground development to set up Rakha mine for Hindustan Copper.
Exposure to another major new coal mine project development.
Signed MOU with Luminus Systems as mining service provider for several
Australian mining projects.
Diverse exploration projects in India.
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