India Globalization Capital (IGC +12%) pops today after saying it signed an iron ore supply pact...

|About: India Globalization Capital... (IGC)|By:, SA News Editor

India Globalization Capital (IGC +12%) pops today after saying it signed an iron ore supply pact with Mon Resources International on July 3. Under terms of the pact, IGC will purchase 126K metric tons of 54% iron ore delivered to its hub on Mongolia's border with China. IGC's Chinese subsidiary will then beneficiate this ore to 66% Fe content ahead of its sale to the steel mills. The shipments are expected to begin in August and projected to generate between $10Mto $12M in revenue, based on current pricing.