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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
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