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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, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
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