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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Star Paper Mills Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- The University of Queensland
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
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