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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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Monday, 06 September 10
DRY BULK MARKET GAINS 6.05% ON WEEK, BOOSTED BY CAPESIZE VESSELS
The dry bulk market is looking to capitalize last week’s gains of more than 6 percent in this week, as the capesize segment seems to be on a h ...
Sunday, 05 September 10
HARUM ENERGY EYES 7.4 MILION TONS OF COAL OUTPUT IN 2010
Indonesia's coal miner PT Harum Energy Tbk, controlled by Indonesian tycoon Kiki Barki, is eyeing 7.4 million tons of coal production in 2010, a 27 ...
Sunday, 05 September 10
THE FREIGHT MARKET WAS BIT VOLATILE WITH NO CLEAR INDICATION OF THE MARKET - CAPT REDDY
COALsopot.com: The freight market was bit volatile with no clear indication of the market.
However the BDI continued the upward trend mainly due ...
Sunday, 05 September 10
NOROCHCHOLAI POWER PLANT TO BE COMMISSIONED ON JANUARY 1
Daily news reported that, the Norochcholai coal power plant will be commissioned on January 1, 2011 adding 300 megawatts to the national power grid ...
Friday, 03 September 10
BANPU CUTS INDONESIAN HOLDING BUT ITM REMAINS KEY STRATEGIC UNIT - BANGKOK POST
"SET-listed Banpu Plc, Asean's largest coal miner, yesterday announced the sale of an 8.72% stake in its listed coalmining holding company in ...
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- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
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