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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, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
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- Georgia Ports Authority, United States
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- Metalloyd Limited - United Kingdom
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- Intertek Mineral Services - Indonesia
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- McConnell Dowell - Australia
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- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
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- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
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- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
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- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
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- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
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- Maharashtra Electricity Regulatory Commission - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
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- The State Trading Corporation of India Ltd
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- Medco Energi Mining Internasional
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- Electricity Authority, New Zealand
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- Coal and Oil Company - UAE
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- New Zealand Coal & Carbon
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- Africa Commodities Group - South Africa
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- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
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- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
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- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
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- Tamil Nadu electricity Board
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- PowerSource Philippines DevCo
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- PTC India Limited - India
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- Billiton Holdings Pty Ltd - Australia
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- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Petron Corporation, Philippines
- Australian Coal Association
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- Ambuja Cements Ltd - India
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- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
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- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
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- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
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- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
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- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
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- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
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- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Parliament of New Zealand
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