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Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
 Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export of iron ore as well as suspension of permits to transport iron ore for export from the mines, to curb illegal exports, has had a ripple effect in the state, as reported by Business Standard.
The operations of as many as 30 export-oriented units have come to a grinding halt in Karnataka as over 1 million tonnes of iron ore is lying idle at various ports causing a foreign exchange loss of around Rs 300 crore (US$ 65.63 million) in the last one week, Basant Poddar, vice chairman, Federation of Indian Mineral Industries (FIMI), told Business Standard.
In addition to this, the freight loss to the Indian Railways is in the order of Rs 80 crore (US$ 17.501 million) and Rs 40 crore (US$ 8.750 million) for truckers for moving the cargo from the mines to various ports. The loss of wharfage charges for the ports is in excess of Rs 3.5 crore (US$ 0.765 million). Apart from this, the state government itself has seen a loss of Rs 30 crore (US$ 6.563 million) by way of royalty from the mining companies ever since the ban came into effect during the past week.
With effect from July 26, the state banned export of iron ore and stopped issuing permits to transport iron ore for export from July 28 onwards. Presently, 80 mine lease holders are operating in the state and exports about 30 million tonnes of iron ore annually.
Export-oriented units like Mineral Enterprises Ltd, Sesa Goa Limited, Deccan Mining Syndicate Pvt Ltd, KMMI Group, Kuminex Minerals Pvt Ltd, Alfa Exports and Doddannavar Brothers are likely to face penalty from overseas buyers. These companies cannot even sell to the domestic buyers unless they export at least 50 per cent of their total produce in a year, Poddar said.
The companies are losing lakhs of rupees as demurrage charges for holding up ships at the ports. For each day’s delay they have to pay $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Friday, 03 December 10
INDONESIAN LOW RANK COAL IS ATTRACTING COAL BUYERS FROM INDIA AND CHINA
COALspot.com - Bhakti Energi Persada has sold out its whole coal production until the end of 2011, Jeffry Mulyono said during McCloskey Asia P ...
Thursday, 02 December 10
INDIA'S COAL SHORTAGE TO DEEPEN NEXT YEAR - MONEY CONTROL
Money Control reported that, India's coal deficit will deepen sharply next year, its coal minister said on Tuesday, forcing Asia's third largest e ...
Thursday, 02 December 10
CIL INCHES CLOSER TO PEABODY STAKE DEAL - THE TELEGRAPH INDIA
The Telegraph India reported that, state-run Coal India Ltd (CIL) hopes to complete negotiations to buy over 10 per cent in Australian miner Peabody ...
Thursday, 02 December 10
DRY BULK MARKET WEIGHED DOWN BY CAPESIZE BLUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The negative sentiment currently undergoing in the capesize market has kept the dry bulk market’s benchmark, the Baltic Dry Index (BDI) on the ...
Monday, 29 November 10
NUCLEAR SUPERTANKERS TO SHAKE UP SHIPPING - THIS IS MONEY
This is money reported that, plans are under way that could see nuclear-powered supertankers sailing the world’s shipping lanes, refuelling on ...
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- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Latin American Coal - Colombia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
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