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