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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Romanian Commodities Exchange
- The University of Queensland
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
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