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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
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