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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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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Malabar Cements Ltd - India
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