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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
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