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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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Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
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- Commonwealth Bank - Australia
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- Planning Commission, India
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- Eastern Energy - Thailand
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- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
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- Jorong Barutama Greston.PT - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- International Coal Ventures Pvt Ltd - India
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- White Energy Company Limited
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- Price Waterhouse Coopers - Russia
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- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
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- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
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- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
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- Mjunction Services Limited - India
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- PowerSource Philippines DevCo
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- Straits Asia Resources Limited - Singapore
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- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
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- Electricity Generating Authority of Thailand
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- Parliament of New Zealand
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- Global Business Power Corporation, Philippines
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- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- Mintek Dendrill Indonesia
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- Siam City Cement PLC, Thailand
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- Billiton Holdings Pty Ltd - Australia
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- Rashtriya Ispat Nigam Limited - India
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- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
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- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
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- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
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- Petron Corporation, Philippines
- Videocon Industries ltd - India
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- Sarangani Energy Corporation, Philippines
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- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
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- Central Electricity Authority - India
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