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