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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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Thursday, 04 November 10
CAPE SIZE SENTIMENT FOR THIS WEEK WAS NEGATIVE - FEARNBULK
Handy
The Atlantic markets remain flat and lackluster. High volume of tonnage availabi ...
Thursday, 04 November 10
GVK TALKS WITH MEC FOR INDONESIAN MINES DEAL - DNA INDIA
As reported by DNA India, GVK Power and Infrastructure on Wednesday said it is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia, ...
Wednesday, 03 November 10
PANAMAX SIZE DRY-BULK CARRIER MARKET IS STRONG - GERSON LEHRMAN
Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, du ...
Tuesday, 02 November 10
ADDED VALUE REMAINS STAGNANT - MAJALAH TAMBANG
The improvement of added value of mining products in accordance with mandate of the mining law has not been visible. Minerals and coal are still exp ...
Saturday, 30 October 10
THE SUPRAMAX FREIGHT MARKET THIS WEEK REMAINED ALMOST AT LAST WEEK LEVELS - VISTAAR SINGAPORE
COALspot.com: The freight market this week remained almost at same levels except for Panamax index which was up by 191 points.
The feast/SE Asia ...
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- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
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- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
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- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
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- New Zealand Coal & Carbon
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- Merrill Lynch Commodities Europe
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- Romanian Commodities Exchange
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- Bulk Trading Sa - Switzerland
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- Bahari Cakrawala Sebuku - Indonesia
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- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
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- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
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- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
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- Georgia Ports Authority, United States
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- SMG Consultants - Indonesia
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- Metalloyd Limited - United Kingdom
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- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
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- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
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- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
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- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
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- Kepco SPC Power Corporation, Philippines
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- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- The University of Queensland
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Planning Commission, India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
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- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
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