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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
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