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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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Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
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