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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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- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
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- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
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- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
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