Nedbank Capital seeks new mining investment destinations in Africa
Nedbank Capital is looking for new mining investment opportunities in Africa. In addition to backing gold projects in Tanzania, Ghana and Burkina Faso, the banking firm is also interested in coal projects in Mozambique, according to Ventures Africa.
Greenfield explorations in Canada and Australia are also included in Nedbank's cards, the report added.
Nedbank Capital Mining and Resources Investment Banker Paul Miller said: "We consider any investments outside Africa as part of an African strategy for greater, long-term investment in the continent, as Toronto, Vancouver and Perth are significant mining business communities that spearhead financing and mining project development in Africa."
Creamer Media's Mining Weekly cited Miller saying the Nedbank would be treading softly in 2014 because the coming elections and proposed reforms in the country could affect the mining industry. In recent years, labor problems have also affected the image of South Africa as an investment destination. Some foreign investors now prefer opportunities in Ghana, Mozambique and Botswana because of better labor situations there, the report explained.