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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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- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
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