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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- The University of Queensland
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- PTC India Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
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