This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

India Globalization Capital To Open Iron Beneficiation Plant In Inner Mongolia

Bethesda, April 8, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC) ("IGC" or "the Company") announced the achievement of an important milestone in the execution of its strategic plan.  It has scheduled to open the first of three beneficiation plants in Inner Mongolia on April 10, 2013 to drive growth in its iron ore business.

IGC has assembled an experienced team to manage both onsite operations and reporting systems. The plant is equipped with two stages of beneficiation.  The first uses dry magnetic separation and the second uses a wet process. These are designed to produce ore with about 66% iron content from low-grade ore. The Company has set an initial production target of 200 tons per day with an approximate selling price of $115 per ton. IGC's initial goal would be to increase incremental production to approximately 500 tons per day as operations ramp-up to three plants.

Ram Mukunda, CEO of India Globalization Capital, said, "Just over a year ago, we articulated a strategy of growth that includes shipping low-grade ore from India to the refining facilities, and through a beneficiation process efficiently convert this ore to high-grade product. This will allow us to increase the out put of our plants and supply larger amounts of refined ore to our customers."

As previously reported, IGC has four properties in Inner Mongolia with over $500 million of estimated reserves. Inner Mongolia, with its extensive coal and iron ore deposits, has become an important steel production center.  The Company contracts with regional steel mills that require high-grade iron to fulfill growing demand.

Mr. Mukunda continued, "Our short term strategy remains three pronged: 1) supply high grade iron ore from our beneficiation plants, 2) expand the supply chain for raw materials by shipping low grade ore from India to China, and 3) actively consolidate additional mines in the Inner Mongolia region that can be accretive to the Company."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.60%
FB $117.44 -0.95%
GOOG $692.33 -0.84%
TSLA $232.12 -4.00%
YHOO $36.02 -1.40%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs