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