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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, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Central Electricity Authority - India
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- London Commodity Brokers - England
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- Directorate General of MIneral and Coal - Indonesia
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- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
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- Mjunction Services Limited - India
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- Meenaskhi Energy Private Limited - India
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- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
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- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
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- Bangladesh Power Developement Board
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- Salva Resources Pvt Ltd - India
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- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
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- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
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- ICICI Bank Limited - India
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- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
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