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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Sojitz Corporation - Japan
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