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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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- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
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