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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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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Australian Coal Association
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- The Treasury - Australian Government
- Mjunction Services Limited - India
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- Planning Commission, India
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- Africa Commodities Group - South Africa
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- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
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- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
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- Therma Luzon, Inc, Philippines
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- OPG Power Generation Pvt Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
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- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
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- Timah Investasi Mineral - Indoneisa
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- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Parliament of New Zealand
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- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
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- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
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- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
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- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
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- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
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- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
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- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
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- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
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- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Aditya Birla Group - India
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- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
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- Orica Mining Services - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
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- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
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