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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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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- The University of Queensland
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Australian Coal Association
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
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