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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, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
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- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
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- PNOC Exploration Corporation - Philippines
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- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
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- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
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- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
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- Australian Coal Association
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- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
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- Parry Sugars Refinery, India
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- Port Waratah Coal Services - Australia
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- Bulk Trading Sa - Switzerland
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- Eastern Energy - Thailand
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- Petron Corporation, Philippines
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- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
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- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
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- Formosa Plastics Group - Taiwan
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- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
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- Interocean Group of Companies - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
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- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
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- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
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- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
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- Agrawal Coal Company - India
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- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Indonesian Coal Mining Association
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- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
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- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
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- Sree Jayajothi Cements Limited - India
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- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
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- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
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- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
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- TeaM Sual Corporation - Philippines
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- Metalloyd Limited - United Kingdom
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- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
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