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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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Monday, 06 September 10
DRY BULK MARKET GAINS 6.05% ON WEEK, BOOSTED BY CAPESIZE VESSELS
The dry bulk market is looking to capitalize last week’s gains of more than 6 percent in this week, as the capesize segment seems to be on a h ...
Sunday, 05 September 10
HARUM ENERGY EYES 7.4 MILION TONS OF COAL OUTPUT IN 2010
Indonesia's coal miner PT Harum Energy Tbk, controlled by Indonesian tycoon Kiki Barki, is eyeing 7.4 million tons of coal production in 2010, a 27 ...
Sunday, 05 September 10
THE FREIGHT MARKET WAS BIT VOLATILE WITH NO CLEAR INDICATION OF THE MARKET - CAPT REDDY
COALsopot.com: The freight market was bit volatile with no clear indication of the market.
However the BDI continued the upward trend mainly due ...
Sunday, 05 September 10
NOROCHCHOLAI POWER PLANT TO BE COMMISSIONED ON JANUARY 1
Daily news reported that, the Norochcholai coal power plant will be commissioned on January 1, 2011 adding 300 megawatts to the national power grid ...
Friday, 03 September 10
BANPU CUTS INDONESIAN HOLDING BUT ITM REMAINS KEY STRATEGIC UNIT - BANGKOK POST
"SET-listed Banpu Plc, Asean's largest coal miner, yesterday announced the sale of an 8.72% stake in its listed coalmining holding company in ...
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- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Central Java Power - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
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