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