Australian lender ANZ Group is looking at opportunities to invest more in the critical minerals sector as part of its efforts to support decarbonisation and has recently backed its first stand-alone lithium deal, an executive said on Wednesday.
MELBOURNE, June 14 - Australian lender ANZ Group
ANZ has traditionally supported long-life, low-risk mine projects for Australia's staple resources including iron ore, gold, aluminium, copper and nickel, said Simon Arduca, ANZ's executive director of resources, energy and infrastructure. As competition for mortgages wipes out some of the usual margin benefits from higher interest rates, ANZ and the country's other top lenders are looking to redirect staff and capital to theAustralia is rich in commodities like lithium that are key to the energy transition, but early stage resources projects have struggled to attract funds due to lengthening permitting times, soaring costs and because the industry has yet to build a track record.
ANZ, however, has just financed a stand-alone lithium mine, Arduca told a panel at a mining conference in Melbourne, declining to provide further details.
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