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Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
 The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation facilities, such as copper, nickel, cobalt and lithium, Fitch Ratings says. This will require a vast supply response in the next two decades and investments from miners, although we view the repositioning of their businesses towards a higher share of energy-transition metals in revenue and cash flows as credit positive.
EVs and renewable generation are more metal-intensive than fossil fuel-based alternatives. This will support metals demand as the world transitions towards a carbon-free economy, leading to a six-fold increase in demand for minerals by 2050 compared to current levels, according to the International Energy Agency (IEA). Growth rates for each metal will vary and will depend on technologies chosen for batteries and power generation and environmental policies. We anticipate demand for energy-transition metals to peak by the 2040s, when the bulk of low-emission infrastructure will have been built.
However, rapid demand growth may not necessarily be met with an equivalent supply-side response. We estimate the level of available resources to be sufficient, but mineral resources are often geographically concentrated and their extraction may be subject to challenges. Mining projects have long lead times and require large investments. Lead times from resource discovery to production average 17 years, including 12.5 years from discovery to feasibility and 4.5 years for planning and construction, according to the IEA. Copper, cobalt and nickel projects have the longest lead times. By comparison, lithium deposits have shorter lead times, of about seven years.
CRU estimates that most markets for energy-transition metals will remain balanced over the medium term as committed and probable projects come online. Supply gaps might emerge after 2025, as the pipeline of new projects is not yet synchronised with the expected rise in demand created by the energy transition.
The commissioning of new projects will depend, along with the estimates of demand and return on investments, on the availability of funds for large capex projects, either internally generated or borrowed. The financial discipline of most miners has improved over the past decade, providing sufficient financial headroom for future investments. However, a prolonged period of low commodity prices might result in delayed investment decisions.
We view the exposure to energy-transition metals among Fitch-rated miners as credit positive. Several mining companies’ credit profiles, including that of Anglo American, have benefited from a growing share of these metals.
However, market participants now expect miners to deliver increasing volumes of metals required for the energy transition without compromising ESG standards. The key challenge is to reduce greenhouse gas emissions across the metal value chain. Emissions intensity of cobalt, aluminium and nickel mining and processing is high, so skyrocketing demand may result in rising net carbon footprints.
Electricity generation is the largest source of emissions in metals production, and therefore decarbonisation of power sources through shifting from coal to renewables will help reduce emissions. Changes in production technologies and increased metal recycling will cut carbon intensity further.
Source: Fitch Ratings
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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
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