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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, 29 October 10
CAPE MARKET STARTED TO BREAK THOUGH THE UPWARDS RESISTANCE LEVEL OF USD 40K DAILY FOR SPOT CARGOS - FEARNLEYS
HANDY
The Atlantic markets remain flat and lackluster. The expectations that the grain ...
Friday, 29 October 10
CHINA'S COAL DEMAND DRIVES DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is posting marginal, yet steady growth this week, with the Baltic Dry Index rising yesterday to 2784 points, up by 0.2%. Both th ...
Wednesday, 27 October 10
TNPL TO AWARD 240,000 MT COAL SUPPLY CONTRACT TO COAL & OIL
COALspot.com: Tamil Nadu Newsprint Papers Limited, Tamil Nadu state owned Newsprint and Printing & Writing Paper producer has opened a coal purc ...
Wednesday, 27 October 10
CHINA AIDS RUSSIA IN DEVELOPING COAL RESOURCES - PEOPLE'S DAILY
People's Daily reported that, Russia will use 6 billion U.S. dollars in loans provided by China to develop coal resources in Sakhalin Island, Elege ...
Wednesday, 27 October 10
MAIDEN COAL SHIPMENTS TO NOBLE RESOURCES - PAN ASIA AUSTRALIA
Press Release :
First Coal Shipments made from Nadvara Coal Project, East Kalimantan
51,616 tonnes delivered from October production &ndas ...
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- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Mjunction Services Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
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