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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Parliament of New Zealand
- PTC India Limited - India
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