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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 $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
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- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
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