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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Planning Commission, India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
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