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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Economic Council, Georgia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- The University of Queensland
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
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