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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
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