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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
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