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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- The University of Queensland
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
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