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