TAPPED IN - the ores and alloys blog: Who are IRL? What we learned from the Evraz Highveld rescue plan

Following the publication of troubled South African company Evraz Highveld Steel and Vanadium’s business rescue plan, one question has been asked by numerous market participants: who are International Resources Ltd (IRL)?

Highveld went into business rescue proceedings in April and was originally scheduled to publish its business rescue plan in May.
This was delayed until August and then September, and the plan was finally published on September 16 by joint business rescue practitioners (BRPs) Piers Marsden and Daniel Terblanche.
In it, they state that the preferred option of the three put forward would be the sale by scheme of arrangement to IRL.
But information on the Hong Kong-based company appears to be limited, at least online.
What we learned from the rescue plan
Here, Metal Bulletin distils the information included in the business rescue plan, about 40 pages, which provides some detail on the company and its directors.

Firstly, IRL is in fact the parent company of International Resources Project Ltd (IRPL). IRPL or its nominee is the preferred bidder. IRL is registered in the Cayman Islands, while IRPL is...

Published

Claire Hack

September 22, 2015

00:25 GMT

New York