India Globalization Capital Acquires 25% Interest in Mongolia Mine

Globe Newswire reports that India Globalization Capital, Inc. (NYSE:IGC) has signed a Letter of Intent (LOI) for the acquisition of a 25 percent interest in an iron ore mine located in Aohan Banner, Inner Mongolia and 25 percent of a nearby beneficiation plant.

As quoted in the market news:

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 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.

Read the full press release at Globe Newswire via MarketWatch here