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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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Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
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