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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- VISA Power Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
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