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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Baramulti Group, Indonesia
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