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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- Minerals Council of Australia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Australian Coal Association
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
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