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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
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