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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
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