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