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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Planning Commission, India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
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