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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
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