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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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Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
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