Bank financing for mining in tropical forest-rich regions reached $36.7bn in 2025, with a report highlighting risks around waste management, environmental safeguards and supply-chain transparency.
Bank financing for metal and mineral mining in tropical forest-rich regions increased by 55% between 2016 and 2025, reaching $36.7bn, according to Banking on Biodiversity Collapse 2026, published by the Forests & Finance coalition on 15 October.
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The report tracked $363bn in commercial credit to mining companies operating across forest-rich regions of South America, Southeast Asia, and Central and West Africa over the decade. It examines lending and underwriting by financial institutions, arguing that greater scrutiny is needed of the environmental and social risks associated with mining expansion.
Copper accounted for the largest share of identified financing, rising 42% from $14.5bn in 2016 to $20.6bn in 2025. Lithium financing increased by 1,113%, from $170m to $2bn, while nickel financing rose 183% to $1.6bn.
The report identifies Brazil’s Grota do Cirilo lithium operation, owned by Sigma Lithium, as a case study. It raises concerns about environmental licensing, water access, waste management and consultation with the nearby Baú Quilombola community.
The coalition also cites concerns about waste-rock management and slope stability at the operation, including a reported slope failure near a kindergarten in December 2025 and inspections of waste piles. These findings raise questions about how mining operators monitor geotechnical conditions, manage waste facilities and document compliance with environmental requirements.
