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December 5, 2013
08:38 EDTIGCIndia Globalization Capital initiates production of 66% high-grade iron ore
India Globalization Capital announced that it has commenced wet processing operations to produce high-grade iron ore at the first of its three plants in Inner Mongolia. As previously reported, the Company started dry processing operations at this plant in early October. Since that time, IGC has been building a supply of lower grade 8% ore in preparation of wet processing operations that refines the ore to a final grade between 64% and 66% Fe. Upon completion of the wet processing, the high-grade ore is sold to steel factories in China. The plant is located on an internally estimated reserve of 2 million tons, worth over $200M at current prices. The Company has outsourced the mining and the dry processing functions to a local firm that specializes in mining, dry processing and logistics. IGC's subsidiary in China is responsible for the subsequent wet processing and the sale of high-grade iron ore on the spot market. The demand for iron ore continues to be strong with local prices in the $110-$115 per ton range for high-grade ore.
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