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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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Sunday, 28 November 10
FREIGHT MARKET SEEMS TO BE NERVOUS - VISTAAR
COALspot.com - The freight market continued to remain uncertain even though only cape index was down by 8.31 pct.
Overall the market seems to be ...
Friday, 26 November 10
INDIA WILL IMPORT 100 MLN TONS OF COAL BY 2012 - LAKSHMINARAYANA
COALspot.com – “India’s coal shortfall will reach 100 million mt by 2011-12”, said Lakshminarayana, Vice Preside ...
Friday, 26 November 10
CHINAS COAL INVENTORY STAYS HIGH FOR 22 MONTHS AT 220 MLN T, ASSOCIATION
Xinhua News Agency reported that, China’s coal inventory has stayed high and unchanged for 22 months to be around 220 million tonnes, reflecti ...
Friday, 26 November 10
DR WOLFGANG CIESLIK TO HEAD GERMAN COAL IMPORTERS ASSOCIATION
COALspot.com – (Press Release): The Management Board of the German Coal Importers Association (Verein der Kohlenimporteure e.V.) has elected D ...
Thursday, 25 November 10
ANALYSIS: COAL SECTOR: VALUE EMERGENCE - THE JAKARTA POST
Coal demand will remain firm due to a build-up of coal-fired power plants in India, China and Indonesia. As a result, we have upgraded our coal pric ...
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- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
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- New Zealand Coal & Carbon
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- Goldman Sachs - Singapore
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- Parliament of New Zealand
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- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
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- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
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- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
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- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
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- Tamil Nadu electricity Board
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- Wood Mackenzie - Singapore
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- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
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- Tata Chemicals Ltd - India
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- Georgia Ports Authority, United States
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
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- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
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- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
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- Metalloyd Limited - United Kingdom
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- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
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- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- The Treasury - Australian Government
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- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
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