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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, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- Simpson Spence & Young - Indonesia
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- Tamil Nadu electricity Board
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- Parliament of New Zealand
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- Orica Mining Services - Indonesia
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- AsiaOL BioFuels Corp., Philippines
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- Altura Mining Limited, Indonesia
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- White Energy Company Limited
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
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- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
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- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
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- Siam City Cement PLC, Thailand
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- Australian Commodity Traders Exchange
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- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
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- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
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- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
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- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
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- Ambuja Cements Ltd - India
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- Edison Trading Spa - Italy
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- Bahari Cakrawala Sebuku - Indonesia
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- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
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- GMR Energy Limited - India
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- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
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