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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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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Australian Coal Association
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
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