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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Australian Coal Association
- GMR Energy Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
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