India Globalization Capital Establishes Shipping Hub at the Border of Mongolia and China

Apr 30 • Energy, Infrastructure, Mining, News • 4389 Views • No Comments on India Globalization Capital Establishes Shipping Hub at the Border of Mongolia and China

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Bethesda, April 29, 2013 (GLOBE NEWSWIRE) — India Globalization Capital, Inc. (NYSE MKT: IGC) (“IGC” or “the Company”) announced the achievement of a further milestone in the execution of its strategic plan. It has established a shipping hub at the border of Mongolia and China to provide iron ore to its customers in China and source raw materials for its beneficiation plants.

The hub is positioned to deliver various grades of iron ore to its customers in China and has begun moving its first test shipment as part of the Company’s production ramp up. Iron ore exports from Mongolia were virtually nonexistent in 2008, and have experienced rapid growth since that time.  According to Mongolia Asset Management, for the year 2012, Mongolia exported approximately 5.75 million tons of iron ore representing a 61% increase over the previous year.

Ram Mukunda, CEO of India Globalization Capital, said, “The opening of this hub required about 6 months of planning, negotiations and preparation. We are currently moving a test shipment of 300 tons from Mongolia to China.  Once successfully delivered in the next week or so, we expect to ramp up to between 8,000 and 12,000 tons a month.”

About IGC:

Based in Bethesda, Maryland, India Globalization Capital, Inc. (IGC) is a materials and infrastructure company operating in India and China. We currently supply iron ore to steel companies operating in China. For more information about IGC, please visit IGC’s Web site at www.indiaglobalcap.com. For information about Ironman, please visit www.hfironman.net.

Source: http://www.stockhouse.com

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