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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- The Treasury - Australian Government
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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