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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
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