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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 $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Central Electricity Authority - India
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- LBH Netherlands Bv - Netherlands
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- India Bulls Power Limited - India
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- Iligan Light & Power Inc, Philippines
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- Siam City Cement - Thailand
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- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
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- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
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- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
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- Bayan Resources Tbk. - Indonesia
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- Essar Steel Hazira Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
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- Electricity Authority, New Zealand
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- Parliament of New Zealand
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
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- Standard Chartered Bank - UAE
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- Miang Besar Coal Terminal - Indonesia
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- Sojitz Corporation - Japan
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
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- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
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- Chamber of Mines of South Africa
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- Planning Commission, India
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- Manunggal Multi Energi - Indonesia
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- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
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- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
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- Pipit Mutiara Jaya. PT, Indonesia
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- The University of Queensland
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- Africa Commodities Group - South Africa
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- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
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- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
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- International Coal Ventures Pvt Ltd - India
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- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
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- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
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- Deloitte Consulting - India
- Australian Coal Association
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- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
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