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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
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