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.