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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
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