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Australian mining magnate Andrew Forrest has called on China to demand higher environmental standards from its global supply chain, particularly its companies conducting nickel processing in Indonesia, theForrest, the chairman of Fortescue Metals Group, said in an interview with the FT that electric vehicle manufacturers should be wary of Indonesian nickel, adding that it was being extracted at immense cost to the environment.
“China will need to enforce its own environmental standards on its global supply chains,” Forrest is quoted as saying by the newspaper during a visit to Boao, China. He further added that every buyer of nickel “needs to be really careful if they’re buying from that source.”Indonesia in February had launched a revised “taxonomy”, or green investment rulebook, categorising coal-fired power plants used in nickel facilities as part of the global transition to a green economy.
Environmentalists criticised the notion of categorising the financing of new coal power plants as sustainable, pointing out that such plants are a significant source of carbon emissions. Indonesia has rapidly emerged as the new powerhouse of global nickel production but until now has not produced the metal in the high-purity form traded on either the LME or the Shanghai Futures Exchange.
China has become Indonesia’s top trading partner during the last decade, as its natural resources such as coal and nickel help to power the world’s second-largest economy.Uranium spot prices have jumped some 40% over the last year as the world’s largest miner, Kazatomprom, has struggled to lift production.EU sees hope for US minerals deal from new forced labour law
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