India Globalization Capital, Inc. announced that it has executed an off take agreement with a high-grade mine located in Linxi, Inner Mongolia. The mine, located about 30 miles from IGC's beneficiation plant, spans about 8.2 square miles and has deposits of iron ore and tin. This agreement will allow IGC to purchase 20% magnetite ore and subsequently beneficiate it into high-grade ore.

This has the potential to generate between 100,000 to 200,000 tons of finished high-grade ore and at the current market price of approximately $120 per ton, could potentially generate total revenue between $12 million to $24 million with approximately $1.6 million to $3.2 million of profit.