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