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