Congress decision puts and end to a 10-month tenure during which Regina Lopez ordered the closure of more than half the country's mines and banned open-pit mining.
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.