India Globalization Capital Adds 1.8 Million Tons of Iron Ore to Reserves

India Globalization Capital, Inc. (NYSE:IGC) announced it has expanded its production capacity by 50% and added 1.8 million tons of iron ore to its reserves.

As quoted in the press release:

The Company is also building an additional beneficiation plant on the recently acquired property. The new, technologically advanced facility integrates the dry and wet separators into one continuous process, dramatically reducing wastage and increasing efficiency by 20% over the existing facility.

ICG’s CEO, Mukunda said:

We are pleased to report that we have purchased mining land adjacent to our present facilities in Linxi, China. Based on the current pricing of $127 per ton, this plot’s estimated reserves of 1.8 million tons of 66 percent grade iron ore are valued at over $225 million.

Click here to read the India Globalization Capital, Inc. (NYSE:IGC) press release.