Appian Capital Advisory plans to invest about $2 billion (C$2.8 billion) in Africa, even as CEO Michael Scherb warns that unpredictable government policies are pushing mining capital towards Latin America, Reuters reported.
The African allocation forms part of a $5-billion to $7-billion global investment plan over the next 12 to 24 months, Scherb told the news agency on Tuesday.
Morocco, Namibia and Botswana rank among the London-based mining investor’s preferred African jurisdictions, while Ghana, the Ivory Coast, Mauritania and Senegal are being assessed for opportunities, he said.
Appian holds three active investments in Africa, compared with four in Latin America, according to Reuters.
Namibian copper
Appian acquired a 95% interest in Namibia’s Omitiomire copper project in May, the firm said in its acquisition announcement. Developing the asset is expected to require more than $400 million.
The project, about 140 km northeast of Windhoek, could produce 26,000 to 30,000 tonnes of copper annually over 16 years, according to Appian’s current portfolio page. The remaining 5% belongs to the Craton Foundation Trust, a Namibian community trust.
Appian’s development plan centres on a switch from leaching to flotation and changes to mine scheduling. A controlling interest in the Rosh Pinah zinc mine, acquired in 2023, provides an operating base in Namibia.
Latin American expansion
Appian opened regional headquarters in São Paulo in April to support investment across Brazil, Peru, Chile, Argentina and Mexico.
The firm had made 13 investments in Latin America since 2016 and held four projects in Brazil at the time, according to its office announcement.
Appian’s financing capacity also includes a partnership launched last year with the World Bank Group’s International Finance Corporation (IFC). The fund is targeting up to $1 billion for mining and related investments in emerging markets, focusing on Africa and Latin America.
IFC committed an initial $100 million, with additional capital to be raised through its asset management arm. IFC will invest alongside Appian’s existing and future funds through equity, credit and royalties.
The partners agreed to make the fund’s first investment in Atlantic Nickel’s Santa Rita operation in Brazil to support an underground expansion. Early development work began in March, with more than 600 metres of tunnels excavated by Appian’s Oct. 5 update.
Source: www.northernminer.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
