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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, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Eastern Energy - Thailand
- VISA Power Limited - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- The University of Queensland
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
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