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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 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Planning Commission, India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
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