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