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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
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