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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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Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
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- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- PTC India Limited - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- The University of Queensland
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
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