Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
The Perth-based miner has agreed to purchase 45 million shares of the Canadian junior at a price of $2.45 per share, or about 15% of Arizona Mining’s outstanding shares.
The lenders’ move follow a decision by Australia’s second-largest bank Westpac to only fund new projects in existing, rather than new, coal basins as part of its new climate policy.
Government officials’ comments add bitterness to the already resentful locals, following wave of negative coverage of Chinese mining practices in the Ghanian media.