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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- GMR Energy Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
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