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