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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
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