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