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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Aditya Birla Group - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
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