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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, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
Thursday, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
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- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- The University of Queensland
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
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