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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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Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
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- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
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