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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
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