Wednesday, 18 Jan 2012
Vietnam Economic Times reported that the Vietnamese government has released notice No 02/CT-TTg on exploration, mining and export of domestic minerals.
According to the notice, all iron ore exports by domestic miners or traders has been banned. In addition, the government will temporarily suspend all coal mining activity except that allowed by permits for coal exploration and mining. As for the bauxite sector all exploration programs have been banned in all Northern provinces except for Nhan Co and Tan Rai.
(Sourced from Vietnam Economic Times)
Showing posts with label ban on iron ore shipments. Show all posts
Showing posts with label ban on iron ore shipments. Show all posts
Wednesday, January 18, 2012
Vietnamese government bans iron ore exports
Thursday, January 5, 2012
Mining ban may hit Sesa Goa profit margins
Thursday, 05 Jan 2012
It is reported that the Finance Ministry decision to hike the export duty on iron ore from 20% to 30% within the space of a year spells bad news for iron ore miner Sesa Goa whose profit margins could take a further knock.
Sesa Goa exports medium-grade iron ore from its Goa mines to China. The company hawks low grade ore compared with international players and as such does not command pricing power. Its ability to pass through the higher levy therefore remains doubtful. The 30% export duty would translate to further margin pressures for the company.
The iron ore producer paid INR 660 crore in export duties on INR 8,586 crore of iron ore exports in FY11. During this period, export duties on iron ore fines averaged five per cent. Paying out 30% export duty could cripple Sesa Goa domestic operations which are struggling to raise output. Over the past year, the company has faced setbacks in the form of a ban on exports from its Karnataka mines and closure of Odisha mines.
Both the closures have hit volumes which slipped by nearly 14% to 5.8 million tonnes during the first half of FY12. The new mining Bill may require Sesa Goa to pay a charge equivalent to royalty which currently stands at 10% of the final price.
(sourced TheHinduBusinessline.com)
It is reported that the Finance Ministry decision to hike the export duty on iron ore from 20% to 30% within the space of a year spells bad news for iron ore miner Sesa Goa whose profit margins could take a further knock.
Sesa Goa exports medium-grade iron ore from its Goa mines to China. The company hawks low grade ore compared with international players and as such does not command pricing power. Its ability to pass through the higher levy therefore remains doubtful. The 30% export duty would translate to further margin pressures for the company.
The iron ore producer paid INR 660 crore in export duties on INR 8,586 crore of iron ore exports in FY11. During this period, export duties on iron ore fines averaged five per cent. Paying out 30% export duty could cripple Sesa Goa domestic operations which are struggling to raise output. Over the past year, the company has faced setbacks in the form of a ban on exports from its Karnataka mines and closure of Odisha mines.
Both the closures have hit volumes which slipped by nearly 14% to 5.8 million tonnes during the first half of FY12. The new mining Bill may require Sesa Goa to pay a charge equivalent to royalty which currently stands at 10% of the final price.
(sourced TheHinduBusinessline.com)
Monday, January 2, 2012
Indian iron ore exports in April to November dip by down 28pct YoY
Monday, 02 Jan 2012
Indian iron ore exports dipped by over 28% YoY to about 40 million tonnes in April to November 2011 following ban on shipments from Karnataka and subdued output in Goa. According to the data released by Federation of Indian Mineral Industries, iron ore exports from the country were over 55.5 million tonnes in the year ago period.
FIMI Secretary General Mr RK Sharma told PTI that "The decline in exports of iron ore is due to a number of reasons. The Karnataka ban comes on the top. Also, several mines in Goa are closed and the Odisha government has stopped giving export permits.” Iron ore exports from the country were not positive since the beginning of the current fiscal compared to the corresponding periods of the last fiscal. The most glaring fall was in August, when it came down by nearly 45% to 2.6 million tonnes from 4.7 million tonnes. November was equally bad as shipments dipped by nearly 44% to 4.7 million tonnes against 8.3 million tonnes recorded in November 2010.
India the third largest global exporter of iron ore, had exported 97.64 million tonnes iron ore in the last fiscal, down from 117.3 million tonnes in 2009-10.
(Sourced from PTI)
Indian iron ore exports dipped by over 28% YoY to about 40 million tonnes in April to November 2011 following ban on shipments from Karnataka and subdued output in Goa. According to the data released by Federation of Indian Mineral Industries, iron ore exports from the country were over 55.5 million tonnes in the year ago period.
FIMI Secretary General Mr RK Sharma told PTI that "The decline in exports of iron ore is due to a number of reasons. The Karnataka ban comes on the top. Also, several mines in Goa are closed and the Odisha government has stopped giving export permits.” Iron ore exports from the country were not positive since the beginning of the current fiscal compared to the corresponding periods of the last fiscal. The most glaring fall was in August, when it came down by nearly 45% to 2.6 million tonnes from 4.7 million tonnes. November was equally bad as shipments dipped by nearly 44% to 4.7 million tonnes against 8.3 million tonnes recorded in November 2010.
India the third largest global exporter of iron ore, had exported 97.64 million tonnes iron ore in the last fiscal, down from 117.3 million tonnes in 2009-10.
(Sourced from PTI)
Monday, December 19, 2011
Exports may be canalized - Report
Monday, 19 Dec 2011
Business Standard reported that to monitor iron ore exports, a cause of illegal mining, the Indian government plans to canalise exports of the mineral.
The report quoted a senior official as saying that “The proposal will be sent to the Union Cabinet once inter ministerial discussions are completed. The ministry of mines is in discussion with the ministry of commerce and industry.”
He told BS “The basic idea is to have a single agency accountable for the illegalities that arise in the iron ore trade.”
The official said “The setting up of a canalising agency would act as a short-term solution until we put in place mechanisms to improve poor last-mile governance in mineral-rich states, the basic reason for illegal mining.”
The report added that the government is considering the recommendation on a ban on exports in the context of the export import policy.
Currently, iron ore exporting companies enter independent bilateral deals with foreign entities. If the canalising proposal comes through, big exporters such as Sesa Goa, Fomento Resources, MSPL Ltd and VM Salgaokar & Bro would be forced to execute these contracts through a government owned company such as MMTC, NMDC or State Trading Corporation.
(Sourced from BS)
Business Standard reported that to monitor iron ore exports, a cause of illegal mining, the Indian government plans to canalise exports of the mineral.
The report quoted a senior official as saying that “The proposal will be sent to the Union Cabinet once inter ministerial discussions are completed. The ministry of mines is in discussion with the ministry of commerce and industry.”
He told BS “The basic idea is to have a single agency accountable for the illegalities that arise in the iron ore trade.”
The official said “The setting up of a canalising agency would act as a short-term solution until we put in place mechanisms to improve poor last-mile governance in mineral-rich states, the basic reason for illegal mining.”
The report added that the government is considering the recommendation on a ban on exports in the context of the export import policy.
Currently, iron ore exporting companies enter independent bilateral deals with foreign entities. If the canalising proposal comes through, big exporters such as Sesa Goa, Fomento Resources, MSPL Ltd and VM Salgaokar & Bro would be forced to execute these contracts through a government owned company such as MMTC, NMDC or State Trading Corporation.
(Sourced from BS)
Friday, December 16, 2011
India's iron ore exports plunge in Jan-Nov period
Fri, December16, 2011
Iron ore exports from the country have plunged sharply so far this year.In the first 11 months of 2011, export volumes totalled an estimated 80 million tonnes. This represents a year-on-year fall of as much as 22 million tonnes.
First it was Karnataka from where iron ore exports were prohibited; but subsequently the ban was lifted. It is now Orissa's turn. In November, preliminary export data suggest shipment of 5.1 million tonnes, down more than a third year on year. A major reason for decline in export volume is said to be Orissa. The State Government has stopped issuing iron ore export permits for cargoes shipped via two ports in Andhra Pradesh, namely Gangavaram and Kakinada.
Non-submission data is said to be the reason for the embargo.
Orissa ban
While Paradip port accounted for about 14 million tonnes shipment so far this year, the two ports in Andhra Pradesh handled 4 million tonnes. The Orissa Government has already enforced a ban on transport by trucks and has reportedly not been issuing export permits for the past 2-3 weeks, according to industry insiders.
The State Government is under pressure in the wake of investigation following allegations of illegal mining in Orissa. India's peak export of iron ore was during fiscal 2009-10 with estimated shipments aggregating 117 million tonnes which declined to 97 million tonnes in fiscal 2010-11.
Interestingly, it was only earlier this month, the OECD Steel Committee (of which India is a part) talked about rising concerns over availability of raw material (notably, iron ore) supply to meet the global demand of the steel industry. A related workshop emphasised the growing role of China and India, in addition to other emerging economies, in global demand for raw materials such as iron ore.
Export curbs
On the policy side, the workshop noted that export curbs applied to minerals and metal products have become more frequent, causing concern in countries that rely on imports of raw materials for steelmaking. At the same time, it is absolutely essential that finite raw material sources like iron ore are conserved in the country for future requirement.But the real issue at hand is not domestic availability for the future, but suspicion of ongoing illegal mining for the lucrative export market.
(sourced Business Line)
Iron ore exports from the country have plunged sharply so far this year.In the first 11 months of 2011, export volumes totalled an estimated 80 million tonnes. This represents a year-on-year fall of as much as 22 million tonnes.
First it was Karnataka from where iron ore exports were prohibited; but subsequently the ban was lifted. It is now Orissa's turn. In November, preliminary export data suggest shipment of 5.1 million tonnes, down more than a third year on year. A major reason for decline in export volume is said to be Orissa. The State Government has stopped issuing iron ore export permits for cargoes shipped via two ports in Andhra Pradesh, namely Gangavaram and Kakinada.
Non-submission data is said to be the reason for the embargo.
Orissa ban
While Paradip port accounted for about 14 million tonnes shipment so far this year, the two ports in Andhra Pradesh handled 4 million tonnes. The Orissa Government has already enforced a ban on transport by trucks and has reportedly not been issuing export permits for the past 2-3 weeks, according to industry insiders.
The State Government is under pressure in the wake of investigation following allegations of illegal mining in Orissa. India's peak export of iron ore was during fiscal 2009-10 with estimated shipments aggregating 117 million tonnes which declined to 97 million tonnes in fiscal 2010-11.
Interestingly, it was only earlier this month, the OECD Steel Committee (of which India is a part) talked about rising concerns over availability of raw material (notably, iron ore) supply to meet the global demand of the steel industry. A related workshop emphasised the growing role of China and India, in addition to other emerging economies, in global demand for raw materials such as iron ore.
Export curbs
On the policy side, the workshop noted that export curbs applied to minerals and metal products have become more frequent, causing concern in countries that rely on imports of raw materials for steelmaking. At the same time, it is absolutely essential that finite raw material sources like iron ore are conserved in the country for future requirement.But the real issue at hand is not domestic availability for the future, but suspicion of ongoing illegal mining for the lucrative export market.
(sourced Business Line)
Thursday, December 15, 2011
Government update on cargo handling at major ports in India
Thursday, 15 Dec 2011
A reduction in iron ore traffic driven by a mix of ban on iron ore exports and slower demand from China continued to pull down the total load handled at major ports in November.
During the month, the two key commodity groups that registered a decline in traffic handled at major ports were iron ore and coking coal. Major ports handled 45.67 million tonnes cargo, a 0.51% drop against the same period last year.
The reduction in iron ore export cargo of 2.6 million tonnes was more than the increased handling of finished fertiliser, container traffic and thermal coal during the month. These were the three commodity segments that got the maximum incremental traffic of 2.18 million tonnes to the ports during the period.
Cargo handling by major ports
(In million tonne)
On a cumulative basis, the major ports handled 370.68 million tonnes between April to November, registering a 1.33% growth. This was on the back of lower handling of iron ore, fertilizer and coking coal.
The slower growth at major ports is also due to higher cargo handled by non major ports administered by the state governments. The non major ports account for about 35% of total traffic.
(Sourced from BL)
A reduction in iron ore traffic driven by a mix of ban on iron ore exports and slower demand from China continued to pull down the total load handled at major ports in November.
During the month, the two key commodity groups that registered a decline in traffic handled at major ports were iron ore and coking coal. Major ports handled 45.67 million tonnes cargo, a 0.51% drop against the same period last year.
The reduction in iron ore export cargo of 2.6 million tonnes was more than the increased handling of finished fertiliser, container traffic and thermal coal during the month. These were the three commodity segments that got the maximum incremental traffic of 2.18 million tonnes to the ports during the period.
Cargo handling by major ports
| | Nov 11 | Change %(YoY) |
| POL | 14.72 | 1.87 |
| Iron ore | 4.79 | -35.4 |
| Fertliser finished | 2.01 | 69.52 |
| Fertilizer raw | 0.77 | 12.4 |
| Coal thermal | 3.89 | 14.88 |
| Coal coking | 2.03 | -12.5 |
| Container tonnage | 10.01 | 9.3 |
| Other cargo | 7.41 | 1.9 |
| Total | 4.56 | -0.5 |
(In million tonne)
On a cumulative basis, the major ports handled 370.68 million tonnes between April to November, registering a 1.33% growth. This was on the back of lower handling of iron ore, fertilizer and coking coal.
The slower growth at major ports is also due to higher cargo handled by non major ports administered by the state governments. The non major ports account for about 35% of total traffic.
(Sourced from BL)
Monday, December 12, 2011
Orissa stops iron ore exports permits to 2 ports
Monday, Dec12, 2011
BHUBANESWAR (Reuters) - Orissa has stopped issuing iron ore export permits for cargoes shipped via two ports in Andhra Pradesh, Orissa mines minister told Reuters.
"The Gangavaram and Kakinada ports did not cooperate" with the state mines and steel department's queries on the volume of the ore exported through these ports and the mechanism they followed to prevent illegal exports, minister Raghunath Mohanty said.
The state government had sought such details from all the ports that exported iron ore from the state.
"We will not issue the permits until they (the port authorities) submit details and tell us what system they have," a senior official of the steel and mines department, who did not want to be named, told Reuters.
On the total export of 35 million tonnes iron ore from the country, 2 million tonnes were shipped through these ports in the first seven months of the current fiscal year ending March, data from the Federation of Indian Minerals and Industry, a trade body, showed.
(sourced Reuters)
BHUBANESWAR (Reuters) - Orissa has stopped issuing iron ore export permits for cargoes shipped via two ports in Andhra Pradesh, Orissa mines minister told Reuters.
"The Gangavaram and Kakinada ports did not cooperate" with the state mines and steel department's queries on the volume of the ore exported through these ports and the mechanism they followed to prevent illegal exports, minister Raghunath Mohanty said.
The state government had sought such details from all the ports that exported iron ore from the state.
"We will not issue the permits until they (the port authorities) submit details and tell us what system they have," a senior official of the steel and mines department, who did not want to be named, told Reuters.
On the total export of 35 million tonnes iron ore from the country, 2 million tonnes were shipped through these ports in the first seven months of the current fiscal year ending March, data from the Federation of Indian Minerals and Industry, a trade body, showed.
(sourced Reuters)
Tuesday, November 22, 2011
GMOEA admits to illegal exports from Goa
Tuesday, 22 Nov 2011
IANS reported that an association of leading mine owners in Goa Monday admitted to illegal mining and exports of iron ore in Goa, but expressed concern over a possible ban on shipments of the mineral sent abroad.
In a written statement here, members of the Goa Mineral Ore Exporters Association, which represents the bulk of the several thousand crore worth mining industry in Goa, has also said that the export boom to China had resulted in a spurt of illegal mining, thanks to traders and fly by night operators.
Mr PK Mukherjee MD of Sesa Goa Limited said “The association doesn't deny that there are certain illegalities in mining sector and in particular in the spectrum of exports in this state. However, a blanket ban on the industry can never be a solution since it will lead to a destabilization of Goa's economic apparatus as the mining industry in Goa contributed approximately 35% of the state's Gross Domestic Product.”
Mr Mukherjee called for a strict monitoring apparatus and systemic changes to ensure that those guilty of illegal mining be brought to book.
The central government appointed Justice M.B. Shah Commission is expected to submit its report on illegal mining in the state in December.
Goa exported 54 million tons of iron ore in the last fiscal from its nearly 100 operational open cast iron ore mines.
(Sourced from IANS)
IANS reported that an association of leading mine owners in Goa Monday admitted to illegal mining and exports of iron ore in Goa, but expressed concern over a possible ban on shipments of the mineral sent abroad.
In a written statement here, members of the Goa Mineral Ore Exporters Association, which represents the bulk of the several thousand crore worth mining industry in Goa, has also said that the export boom to China had resulted in a spurt of illegal mining, thanks to traders and fly by night operators.
Mr PK Mukherjee MD of Sesa Goa Limited said “The association doesn't deny that there are certain illegalities in mining sector and in particular in the spectrum of exports in this state. However, a blanket ban on the industry can never be a solution since it will lead to a destabilization of Goa's economic apparatus as the mining industry in Goa contributed approximately 35% of the state's Gross Domestic Product.”
Mr Mukherjee called for a strict monitoring apparatus and systemic changes to ensure that those guilty of illegal mining be brought to book.
The central government appointed Justice M.B. Shah Commission is expected to submit its report on illegal mining in the state in December.
Goa exported 54 million tons of iron ore in the last fiscal from its nearly 100 operational open cast iron ore mines.
(Sourced from IANS)
Monday, November 14, 2011
FIMI urges not to impose blanket ban on iron ore export
Monday, 14 Nov 2011
The Federation of Indian Mineral Industries has urged the Indian government not to impose a blanket ban on the export of iron ore, as it would affect India's steel industry and result in the closure of captive mines.
Mr RK Bansal FIMI secretary in the letter written to Joint Plant Committee, Union Ministry of Steel, on November 4, has said that there should be no blanket ban or qualitative restriction on ore exports.
FIMI has argued that due to the discontinuation of mining, further exploration would also come to the halt and therefore no further addition to reserves and resources can happen.
Mr Bansal said that "A ban on export will mean that most of the non-captive mines will get closed with consequent adverse impacts on local economy, employment as well as state revenues.”
He said "With the discontinuance of non-captive production, the availability of lumps and high grade fines to the steel industry will get reduced, thus proving counter-productive to the interests of the steel industry.”
The federation has also demanded that export duty should not be imposed as exports provide cushion against fluctuation in demand and prices in the domestic market and vice versa.
It has said that there should be no captive mines allowed to any steel plant, since the domestic iron ore production is already surplus to the domestic demand and will continue to be so for next few years.
FIMI has urged the centre to develop iron ore mining as a standalone mining industry, separate from steel industry, so that, both could work at arm's length and benefit from each other's strength and innovations rather than take shelter behind the safety net available.
(Sourced from ET)
The Federation of Indian Mineral Industries has urged the Indian government not to impose a blanket ban on the export of iron ore, as it would affect India's steel industry and result in the closure of captive mines.
Mr RK Bansal FIMI secretary in the letter written to Joint Plant Committee, Union Ministry of Steel, on November 4, has said that there should be no blanket ban or qualitative restriction on ore exports.
FIMI has argued that due to the discontinuation of mining, further exploration would also come to the halt and therefore no further addition to reserves and resources can happen.
Mr Bansal said that "A ban on export will mean that most of the non-captive mines will get closed with consequent adverse impacts on local economy, employment as well as state revenues.”
He said "With the discontinuance of non-captive production, the availability of lumps and high grade fines to the steel industry will get reduced, thus proving counter-productive to the interests of the steel industry.”
The federation has also demanded that export duty should not be imposed as exports provide cushion against fluctuation in demand and prices in the domestic market and vice versa.
It has said that there should be no captive mines allowed to any steel plant, since the domestic iron ore production is already surplus to the domestic demand and will continue to be so for next few years.
FIMI has urged the centre to develop iron ore mining as a standalone mining industry, separate from steel industry, so that, both could work at arm's length and benefit from each other's strength and innovations rather than take shelter behind the safety net available.
(Sourced from ET)
Wednesday, March 23, 2011
India's iron ore exports seen less than 100 mln T-Sesa Goa

Wed Mar 23, 2011 6:13am GMT
* Spot iron ore prices have fallen 14 pct from mid-Feb
* Slower China, Japan demand weighing on prices
BEIJING, March 23 (Reuters) - Iron ore exports from India, the world's third-largest supplier of the steelmaking material, will be less than 100 million tonnes in the next fiscal year starting April if prices stay at current levels, a top executive at Sesa Goa said on Wednesday.
India usually exports about half of its annual iron ore output of around 200 million tonnes, most of them going to China.
"Iron ore exports from India will be less than 100 million tonnes if prices stay at current levels," P.K. Mukherjee, managing director of top Indian iron ore exporter Sesa Goa, told reporters at an industry conference.
Spot iron ore prices .IO62-CNI=SI have fallen 14 percent since hitting record highs in mid-February as thin steel demand in top consumer China slowed buying by Chinese steel mills.
Worries that demand from disaster-hit Japan may also slow in the near term before a reconstruction-led rebound has also weighed on iron ore prices.
Iron ore prices surged more than 40 percent in 2010 on booming demand from China, prodding global producers in Brazil and Australia to boost output.
But India's iron ore exports fell for a seventh straight month in January because of a ban on shipments from its key Karnataka state and exports are seen falling further due to a four-fold rise in export tax.
India's iron ore exports are likely to fall 35 percent to about 58 million tonnes in the next fiscal year due to the curbs and the increase in taxes, R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries, said earlier this month.
* Slower China, Japan demand weighing on prices
BEIJING, March 23 (Reuters) - Iron ore exports from India, the world's third-largest supplier of the steelmaking material, will be less than 100 million tonnes in the next fiscal year starting April if prices stay at current levels, a top executive at Sesa Goa said on Wednesday.
India usually exports about half of its annual iron ore output of around 200 million tonnes, most of them going to China.
"Iron ore exports from India will be less than 100 million tonnes if prices stay at current levels," P.K. Mukherjee, managing director of top Indian iron ore exporter Sesa Goa, told reporters at an industry conference.
Spot iron ore prices .IO62-CNI=SI have fallen 14 percent since hitting record highs in mid-February as thin steel demand in top consumer China slowed buying by Chinese steel mills.
Worries that demand from disaster-hit Japan may also slow in the near term before a reconstruction-led rebound has also weighed on iron ore prices.
Iron ore prices surged more than 40 percent in 2010 on booming demand from China, prodding global producers in Brazil and Australia to boost output.
But India's iron ore exports fell for a seventh straight month in January because of a ban on shipments from its key Karnataka state and exports are seen falling further due to a four-fold rise in export tax.
India's iron ore exports are likely to fall 35 percent to about 58 million tonnes in the next fiscal year due to the curbs and the increase in taxes, R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries, said earlier this month.
Tuesday, February 8, 2011
Iron ore trading activity kept prices steady
Tuesday, 08 Feb 2011
Reuters reported that thin spot iron ore trading activity on Monday kept prices steady near record highs with top buyer China off the market for the Lunar New Year holiday.
Prices are expected to resume their rally when the Chinese markets reopen on Wednesday on persistent worries about tight supplies through the first half of 2011.
Macquarie Research said in a note that "There is little expansion potential in the global supply chain while rampant Chinese steel production growth is bolstering demand conditions. We would expect the price to keep edging upwards post Chinese New Year with USD 200 per tonne in sight."
Macquarie said the sharp decline in Brazil iron ore exports last month along with continuously tight cargoes from India suggest that the iron ore market will remain in an extremely tight situation in the first half of the year.
Iron ore exports from Brazil the world No 2 supplier of the steelmaking ingredient fell 29% in January from the previous month as heavy rains disrupted shipments.
Supplies from India, the world No 3 exporter had been tight because of a continuing ban on shipments from its Karnataka state. Macquarie said while a possible lifting of the ban this month could bring some material back to the market, the revamped state rules may make paperwork more rigorous and curb shipments compared to last year.
(sourced:Reuters)
Reuters reported that thin spot iron ore trading activity on Monday kept prices steady near record highs with top buyer China off the market for the Lunar New Year holiday.
Prices are expected to resume their rally when the Chinese markets reopen on Wednesday on persistent worries about tight supplies through the first half of 2011.
Macquarie Research said in a note that "There is little expansion potential in the global supply chain while rampant Chinese steel production growth is bolstering demand conditions. We would expect the price to keep edging upwards post Chinese New Year with USD 200 per tonne in sight."
Macquarie said the sharp decline in Brazil iron ore exports last month along with continuously tight cargoes from India suggest that the iron ore market will remain in an extremely tight situation in the first half of the year.
Iron ore exports from Brazil the world No 2 supplier of the steelmaking ingredient fell 29% in January from the previous month as heavy rains disrupted shipments.
Supplies from India, the world No 3 exporter had been tight because of a continuing ban on shipments from its Karnataka state. Macquarie said while a possible lifting of the ban this month could bring some material back to the market, the revamped state rules may make paperwork more rigorous and curb shipments compared to last year.
(sourced:Reuters)
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