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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
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