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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Planning Commission, India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- PTC India Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
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