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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- The University of Queensland
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Planning Commission, India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
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