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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Electricity Authority, New Zealand
- GMR Energy Limited - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
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