19.9 C
Belgrade
Supported byspot_img
spot_img

“The problem is everybody wants to build a Gigafactory but nobody wants to mine”

Member of Europium Groupspot_img
Supported byspot_img

As a part of their green mandate, it seems many banks, especially European ones, are shying away from mining investments. Awkwardly, however, we need the copper, lithium, rare earth elements etc from mining to grow in order to provide the raw materials for the energy transition. 

“They don’t want the reputational risk of being involved in mining projects,” said my source. You can get “green loans” for Gigafactories, but not for the other side of the supply chain. And by the time the shortage becomes acute, it might be hard for production to catch up with demand. It can take up to 20 years to find, explore and permit a copper mine, as opposed to 2 years to build a Gigafactory.

The same sentiment that dries up investment for mining is also drying up talent. The young people don’t want anything to do with mining, which they regard as environmentally questionable. Some universities in Australia simply shut down their mining program altogether due to lack of enrollment.

Supported by

On one hand, this is a deeply ironic illustration of how dysfunctional things can become when we put virtue signaling ahead of taking care of business. On the other hand, it’s also true that the mining industry hasn’t always been the most scrupulous and environmentally sensitive. What’s needed is a holistic re-evaluation that acknowledges the necessity of mined resources to power our green tech and rewards the industry to extract those resources while putting the least amount of pressure on the planet.

 

Supported byElevatePR Digital

Related News

Interplay of heavy industry ESG/IR/PR, multifaceted challenges and opportunities

Analyzing the intersection between heavy industry, Industrial Relations (IR), Public Relations (PR), Environmental, Social, and Governance (ESG) criteria, and Investor Relations (IR) illuminates the...

Critical Raw Materials in Serbia: Meeting the Demand for Sustainable Development

Critical raw materials play a vital role in various industries, including renewable energy, electronics, and automotive sectors. As global demand for these resources continues...

Mining Exploration in Serbia: Lessons Learned from Foreign Companies’ Mistakes

Serbia holds abundant mineral resources, attracting the attention of foreign mining companies seeking to tap into the country's potential. These companies play a significant...

Invitation to Enhance Visibility and Stakeholder Engagement in EU Horizon Projects

Www.Euromining.news and www.Europium.Group is pleased to extend an open invitation to all partners involved in EU Horizon projects, particularly those focused on natural resources...
Supported by
Supported by
Supported by
error: Content is protected !!