Australia-based diversified mining services enterprise India Resources Ltd (IRL), with a significant presence in India, has entered into a Memorandum of Understanding (MoU) with Luminus Systems Ltd, also based out of the same country.
The MoU is aimed at establishing a strategic partnership that will underpin the development of Luminus' portfolio of Australian mineral assets, including the mineral assets in which it obtained an interest in October this year.
"The partnership with Luminus represents a key step in IRL's strategy to expand its pipeline of mining services contracts to Australia. IRL has developed a significant base of highly skilled and cost-effective mining labour at its profitable Indian mining operations. The ability to tap inot this labour force was a key driver in Luminus selecting IRL to be its preferred contractor. We look forward to developing a long-term, profitable business relationship with Luminus in Australia”, said Arvind Mishra, managing director, IRL.
The MoU is expected to be the first of a number of asset specific agreements to be executed between the two parties and it follows the recent completion by IRL of an engagement in which it undertook various technical services for Luminuns in connection with its mineral assets.
Subject to the concluding of definitive agreements on a project to project basis, IRL will be the exclusive provider of mining services to Luminus.
