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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
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