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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
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