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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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Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
Monday, 26 July 10
CEMENT MAKERS EXPLORE NEW FUELS TO REPLACE COAL - ECONOMIC TIMES
Economic Times reported that, As the cement industry reels under high raw material costs and reduced coal linkages, companies are exploring alternat ...
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- Bhoruka Overseas - Indonesia
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- Metalloyd Limited - United Kingdom
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- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
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- IHS Mccloskey Coal Group - USA
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- PowerSource Philippines DevCo
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- Directorate Of Revenue Intelligence - India
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- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
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- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
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- Africa Commodities Group - South Africa
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- Ambuja Cements Ltd - India
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- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
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- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
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- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
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- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
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- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
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- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
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- Indogreen Group - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
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