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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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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Ministry of Mines - Canada
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- Economic Council, Georgia
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- Chamber of Mines of South Africa
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- Toyota Tsusho Corporation, Japan
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- ICICI Bank Limited - India
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- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
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- White Energy Company Limited
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- The State Trading Corporation of India Ltd
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- Energy Development Corp, Philippines
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- SN Aboitiz Power Inc, Philippines
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- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
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- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
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- Planning Commission, India
- The Treasury - Australian Government
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- Therma Luzon, Inc, Philippines
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- Borneo Indobara - Indonesia
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- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
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- Wilmar Investment Holdings
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- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
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- Global Green Power PLC Corporation, Philippines
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- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
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- PNOC Exploration Corporation - Philippines
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- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Coalindo Energy - Indonesia
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- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
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- Standard Chartered Bank - UAE
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- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
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- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
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