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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 $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
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- Global Coal Blending Company Limited - Australia
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- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
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- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
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- Alfred C Toepfer International GmbH - Germany
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- South Luzon Thermal Energy Corporation
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- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
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- Indonesian Coal Mining Association
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- Thai Mozambique Logistica
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- Bharathi Cement Corporation - India
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- Siam City Cement PLC, Thailand
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- White Energy Company Limited
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- Grasim Industreis Ltd - India
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- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
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- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
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- Directorate General of MIneral and Coal - Indonesia
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- Latin American Coal - Colombia
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- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
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- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
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- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
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- SMG Consultants - Indonesia
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- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
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