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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
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