INDUSTRY UPDATES On 4th October, 2012


INDUSTRY UPDATES
On 4th October, 2012
STEEL, METALS AND MINING
Goa government against resumption of mining activity in near future
In a move that spells further trouble for mining industry in Goa, the Manohar Parrikar government has decided not to allow mining activity until findings of the Public Accounts Committee and Justice M B Shah Commission on illegalities are dealt with in accordance with law.

The government has stated this resolve in a confidential Cabinet Note circulated to its members, the copy of which is with PTI.

Goa government temporarily suspended all mining activities in the state last month, after an expert panel formed by the federal government found "serious illegalities and irregularities" in mining operations. There's however no ban on the movement of iron ore already produced and stored at ports or in transit.

"State government has proposed not to permit resumption of mining in the State of Goa, till such time as the findings of the Public Accounts Committee and Justice Shah Commission of Inquiry, are adequately remedied and dealt with in accordance with Law," the note reads.

As per the note, the decision about non-resumption is based on the legal opinion given by the state Advocate General.

A high-level meeting chaired by chief minister Manohar Parrikar decided not to withdraw the suspension till the issues raised by the two committees are taken to their logical end.

Parrikar was the Leader of Opposition when the PAC headed by him exposed largescale illegalities and irregularities in state's iron ore mining industry. A few months later, Justice M B Shah Commission in its report tabled on the floor of the House echoed similar observations.

The state government yesterday appointed Justice (retd) R M Khandeparkar Committee to investigate the illegalities cited by the Shah panel in its report.
(Economic Times)

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COAL
RON ORE
Indian iron ore mining mess - 63 iron ore mines can resume ops

Central Empowered Committee informed the Supreme Court on Friday that mining operations in 63 iron ore leases falling in category B in Karnataka may be allowed to be resumed after fulfilment of certain conditions.

Senior advocate Shyam Divan, appointed amicus curiae in the case, told the forest bench headed by Justice Aftab Alam that the iron ore mines falling into category B can be allowed to resume quarrying activists after completion of the reclamation and rehabilitation (R&R) work and paying appropriate compensation for the massive ecological loss caused by them due to largescale illegal mining.

The CEC has recommended that the 63 category B leases, in the state’s Bellary, Chitradurga and Tumkur districts, must pay compensation at the rate of INR 5 crores per hectare of area under illegal mining pits and INR 1 crore per hectare of area under illegal mining over burden dumps, roads, offices, etc, outside the sanctioned area. The recommended amount is minimum base figure for compensation and the National Green Tribunal or another appropriate authority can be approached for more compensation for environmental damage, the CEC report added.

The CEC has put the leases of the iron ore mines into A, B and C categories based on the level of illegalities and irregularities allegedly resorted by them.
(Steel Guru)
Resumption of Iron ore export from Goa to be delayed
The iron ore export from Goa would not resume today contrary to expectations, as the state Mines and Geology Department was still verifying the quantum of ore lying at jetties. Director, Mines and Geology, Prasanna Acharya told that several teams were on the job verifying the quantum of ore, and subsequently there would be inspection of mining sites.

The Daily Fixture/Index List of 4th October, 2012

The Daily Fixture/Index List of 4th October, 2012

FIXTURES - 4/OCT/2012



Baltic Exchange Daily Fixture/Index List 04/10/2012


BDI 845 (UP 47) BCI 1873 (UP 135) BPI 544 (UP 48)

BSI 802 (DOWN 8) BHSI 445 (DOWN 3)

Last published BDTI 660 (UP 4) BCTI 629 (DOWN 4)


TIMECHARTER


'Orange Tiger' 2001 181399 dwt dely Passero spot 1 option 1
transatlantic round redel Skaw-Cape Passero $8500 daily - E.ON
'Hakuta' 2011 82165 dwt dely aps SW Pass spot trip redel
Singapore-Japan $14000 daily + $425000 bb - Archer Daniels Midland
'Bellemar' 2007 81448 dwt dely Darwin 9/12 Oct trip redel China
$5250 daily + $145000 bb - Noble
'Black Pearl' 2012 78890 dwt dely Santos 1/10 Nov trip redel China
$13250 daily + $325000 bb - Louis Dreyfus
'Gallia Graeca' 2001 74133 dwt dely aps NoPac 18/22 Oct trip redel
Sri Lanka $5750 daily + $310000 bb - Klaveness
'Kronos' 1996 73301 dwt dely aps USG 10/14 Oct trip redel
Singapore-Japan $12500 daily + $250000 bb - Oldendorff
'Carmencita' 2009 58773 dwt dely Gresik 10/12 October trip via
Indonesia redel India $12000 daily - Oldendorff
'Wadi Feran' 2011 57282 dwt dely Singapore 13/18 October trip redel
full India $9500 daily - cnr
'Tasman Castle' 2011 56868 dwt dely passing Taiwan spot trip via
Indonesia redel India $8000 daily - Noble -
'D.Centaurus' 2012 56559 dwt dely passing Singapore 4/5 October trip
via Indonesia redel EC India approx $10750 daily - cnr
'Cardinal' 2004 55408 dwt dely passing Singapore spot trip via
Indonesia redel EC India $8500 daily - cnr
'Four Otello' 2010 34357 dwt dely Durban 9/10 Oct trip redel Turkey
$4000 daily - Efe
'Four Diamond' 2011 34059 dwt dely aps Necochea 15/20 Oct trip redel
Algeria approx $12250 daily - Norden
'Peace Fortune' 2010 33078 dwt dely Durban 8/14 Oct trip int scrap
redel SE Asia $9500 daily - MUR
'Wicko' 2010 29903 dwt dely SW Pass 15/20 Oct trip via US Gulf redel
Caribean $7000 daily - ACF Shipping & Trading
'Celerina' 2003 29721 dwt dely Bahia Blanca prompt trip 15/20 days
redel south Brazil $8000 daily - Lyra -

PERIOD


'Mineral Water' 1999 170201 dwt dely Caofeidian 5/10 Oct 5/7 months
trading redel worldwide $10750 daily - Cargill
'W-Star' 2011 92841 dwt dely EC India 7/10 Oct 7/14 months trading
redel worldwide $6500 daily - Cobelfret
'Alpha Vision' 2012 81524 dwt dely Paradip spot 4/7 months trading
redel worldwide $8000 daily - Hudson
'Medi Kobe' 2001 75933 dwt dely Singapore-Japan in d/c Nov-Dec 2012
8/13 months trading redel worldwide $7500 daily - Norden
'Angelic Glory' 2002 75007 dwt dely Huangpu 7/15 Oct 4/6 months
trading redel worldwide $6750 daily - Norden

ORE


'Cape Buzzard' 2011 170000/10 Pepel/Qingdao 20/30 Oct $21.50 fio
30000shinc bends - GIO (part of African Minerals)
'Frontier Mirage' 160000/10 Tubarao/Qingdao 20/25 Oct $22.06 fio
scale/30000shinc - Vale