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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- The University of Queensland
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
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