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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
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