India Globalization Capital Increases Iron Ore Production Capacity

India Globalization Capital, Inc. IGC announced today that it has expanded its production capacity by 50% and added 1.8 million tons of iron ore to its reserves. Mukunda, IGC's CEO, commented, "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. This acquisition raises our combined estimated reserves -- including those on our existing property in Linxi and our rock aggregate reserves in India -- to over $590 million."