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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, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- PTC India Limited - India
- SMG Consultants - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
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