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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- The University of Queensland
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
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