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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, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
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- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
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