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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, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Planning Commission, India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
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