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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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- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
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