Bethesda, Maryland, July 1, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC) announced that it had signed a Letter of Intent (LOI) for the acquisition of a 25% interest in an iron ore mine located in Aohan Banner, Inner Mongolia and 25% of a nearby beneficiation plant. According to internal Company estimates, based on geological studies, the mine has estimated reserves of 4.17 million tons of ore with a Fe content between 20-30% and can operate for 11 months in a year. The estimated reserves are worth over $200 Million at current pricing. Production is slated to begin in early August 2013, with an estimated production level of 200 MT per day. This acquisition is immediately accretive to our P&L and balance sheet, and we expect to close the acquisition in this quarter.
India Globalization Capital Acquires 25% Interest In Production-Ready Mine; Reserves Estimated At Over $200 Million
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts