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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Planning Commission, India
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