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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- ASAPP Information Group - India
- The University of Queensland
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
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