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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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Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
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- Bulk Trading Sa - Switzerland
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- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
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- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
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- ICICI Bank Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
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- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Australian Coal Association
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
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