This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

India Globalization Capital To Open Iron Beneficiation Plant In Inner Mongolia

Stocks in this article: IGC

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs