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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, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
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- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
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