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European banks are too slow to finance mining projects because of red tape linked to environmental, social and governance issues, France’s Eramet said, as it pursues a lithium project with China’s Tsingshan that could cost $1.5 billion.
This is lower than a $1.7 billion projection given by Tsingshan. It would double the estimated $735 million cost of the project’s first phase. “The worst is Europe. Banks ask thousands of pages of questions on ESG and due diligence,” she said in an interview before the LME Week gathering of the global metals industry.
Eramet has previously criticised Europe for being slow to develop supply chains for critical minerals, saying that encouraged it to turn to Tsingshan first as a partner for a nickel mine in Indonesia and then to co-develop its lithium deposit in Argentina.
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