We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 5746 to 5750 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
|
| |
| |
|
