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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
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