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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, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
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