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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, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Ministry of Transport, Egypt
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- Billiton Holdings Pty Ltd - Australia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
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- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
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- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
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- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
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- The State Trading Corporation of India Ltd
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- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
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- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
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- Globalindo Alam Lestari - Indonesia
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- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Economic Council, Georgia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bahari Cakrawala Sebuku - Indonesia
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