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.
Christy Clark has proposed a ban on the export of U.S. thermal coal from B.C. ports in retaliation for the recent imposition of a 20% duty on Canadian lumber.
The European country holds between 1.2 to 1.4 million tonnes of lithium, located mostly around the tiny village of Cinovec, on the border with Germany.
The miner said decision was unrelated to Elliott Management's call earlier this month to unlock shareholder value by spinning off about $22 billion of BHP's US oil assets.