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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
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