Thursday May 21, 2015, 5:59am PDT
Mineweb reported that French bank Credit Agricole will not finance coal mining or miners as lenders grow concerned over funding coal due to environmental concerns.
As quoted in the market news,
"The decision, announced at a shareholder meeting in the former coal-mining city of Lille in northern France, won praise from environmental groups who have been pressuring banks to cut off loans to coal miners.
Outgoing Chief Executive Jean-Paul Chifflet stated:
"Credit Agricole SA has taken the decision to no longer finance coal mining projects or companies specialised in this field.