mineral exploration project – commodity prices – mining stock- trade and market

India Globalization Capital, Inc., a company competing in the rapidly growing materials and infrastructure industry in India, today announced it was awarded two new Chinese iron ore supply contracts valued at $3.0 million. The orders total 60,000 metric tons of medium-grade iron ore, or 56-grade.

Additionally, IGC announced that it has opened a second shipping hub at Goa, on the west coast of India, and has installed an iron ore crusher at the port to produce a fine ore product — a value-added service. IGC also operates a shipping hub on the east coast of India, at Krishnapatnam.

“These latest orders demonstrate the continued demand we see from Chinese customers for our iron ore, and they validate our efforts to expand our business model from heavy construction and road building to include mining and materials,” said Ram Mukunda, chief executive officer of IGC.

“The new hub at Goa and its associated operations will facilitate the growth of our global export business,” Mukunda continued. “Our east and west coast shipping hubs will allow us to aggregate ore from a greater number of smaller suppliers before shipping, which streamlines our distribution capabilities. We expect our shipping hubs to add substantially to revenues and earnings for our materials segment throughout fiscal 2010.”

Iron ore, the main ingredient in steel used for construction, bridges and ships, is the most widely used of all metals, comprising 95% of the metal tonnage produced worldwide. In 2008, the market for iron ore totaled nearly $80 billion. China is the largest importer of iron ore, importing roughly half of the world’s supply annually.

Find More Other News : iron ore mining exploration - Iron Ore Prices - Iron Ore Production