A traditional Bank would do that (requiring more collateral)  because that kind of invesment is regulatory costly and the new regulatory rules - a new and more demanding environment that wasn't there 10 years ago -  will impose an additional burden in term of cost of capital.  These kind of banks must maintained a certain level of capital ratios to be compliant with their regulatory supervisor, rating agencies and investors.  There are banks specialiazed in financing project like Piskanja, but they will require documents/analysis before lending money - and EV would have to give away some portion of the smelter return if option A is selected. IMHO