Appian Capital Advisory

Appian Capital Advisory
TypePrivate equity
IndustryMining, Metals
Founded2012
HeadquartersLondon, United Kingdom
Key people
Michael W. Scherb (CEO)
AUMUS$5 billion (2025)
Websiteappiancapitaladvisory.com

Appian Capital Advisory is a London-based private equity firm that focuses on investments in the metals and mining sector, primarily through the Appian Natural Resources Private Equity Funds.[1][2] Founded in 2012, the firm targets commodities associated with the energy transition, including copper, nickel, cobalt, and graphite. As of October 2025, its assets under management totalled approximately US$5 billion.[3][4]

History

Appian Capital Advisory was incorporated in England and Wales on 8 June 2011 as a limited liability partnership and commenced operations in 2012.[5][6][7]

The firm is led by founder and chief executive, Michael W. Scherb, who previously worked in J.P. Morgan's metals and mining investment banking team in London.[8][9] The firm raised its first significant fund of $375 million in 2014.[10]

In January 2021, Appian closed its second private equity fund at US$775 million.[11] In October 2023, the firm announced the close of its third fund at US$2.06 billion.[1][12][13]

In October 2025, Appian and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, announced a US$1 billion partnership to invest in critical minerals projects in Africa and Latin America.[14][15]

Operations

Appian invests in metals and mining assets with operations and portfolio companies in Latin America, North America, Australia and Africa.[16] The firm has supported 12 mines reaching production since 2016.[4]

Brazil

In 2018, Appian acquired Mineração Vale Verde (MVV), the operator of the Serrote copper-gold mine in Brazil, from Aura Minerals.[17] That same year, the firm acquired Atlantic Nickel (formerly Mirabela Nickel), a Brazilian nickel mining company, out of bankruptcy proceedings.[18][19]

In 2021, Appian agreed to sell both the MVV and Atlantic Nickel assets to Sibanye-Stillwater in a deal valued at approximately US$1.2 billion.[17][20][21] Sibanye-Stillwater terminated the acquisition in January 2022, citing concerns related to a geotechnical event, which Appian challenged through legal proceedings.[22][23][20]

In October 2024, the England and Wales High Court ruled that Sibanye-Stillwater had unlawfully terminated the agreement and was liable to pay damages to Appian.[24][25][23] In November 2025, Sibanye-Stillwater agreed to pay Appian a settlement of US$215 million to resolve the dispute out of court.[26][27][20]

Appian has invested R$350 million in Graphcoa, a natural graphite producer with nine projects in the states of Bahia and Minas Gerais in Brazil.[28]

Australia

In June 2020, Appian invested $144m in Gippsland Critical Minerals' Fingerboards mineral sands project in East Gippsland, Victoria.[29][30][31]

Canada

In April 2023, Osisko Metals and Appian agreed to a four-year partnership to advance exploration, feasibility studies, and regulatory work at the Pine Point Mine in the Northwest Territories, Canada.[2][32] Appian acquired a 60% interest in the project as part of the arrangement.[32] In February 2024, Appian acquired an additional 5% stake in the Pine Point project from Osisko Metals.[33]

Namibia

In June 2023, Appian acquired an 89.96% stake in the Rosh Pinah zinc mine in Namibia from Trevali Mining Corporation.[34][35]

United States

In December 2023, Appian provided a US$230 million financing package to battery metals producer US Strategic Metals (USSM) to support the development of a cobalt-nickel mine and a hydrometallurgical recycling facility in Missouri.[36]

In October 2023, Appian invested in Urbix and signed a joint development agreement to build a commercial graphite processing facility.[37] In September 2024, Urbix was selected to receive a US$125 million grant from the United States Department of Energy's Manufacturing and Energy Supply Chains programme. The company has recently rebranded to Allied Graphite.[38]

In November 2023, Appian acquired a package of mineral sands assets from Illuka Resources through its majority-owned subsidiary Atlantic Strategic Minerals (ASM).[39] Atlantic Strategic Minerals began commercial production at its mining and mineral processing operations in Virginia in 2025.[40] ASM is considering building a rare earths processing plant at its Stoney Creek, Virginia, operations to support domestic production of critical materials in the United States.[41]

Securing America's Future Energy (SAFE) partnership

In 2024, Appian hired former UK Deputy Prime Minister and Foreign Secretary Dominic Raab as an adviser.[42] Raab chaired a partnership between Appian and Securing America's Future Energy (SAFE), focused on advising the US government on critical minerals supply chains.[42][43]

References

  1. 1 2 Nair, Dinesh (9 October 2023). "Mining-Focused Buyout Firm Appian Raises $2 Billion for New Fund". Bloomberg. Retrieved 25 March 2026.
  2. 1 2 "Mining-focused buyout firm Appian raises $2 billion for new fund". MINING.COM. 9 October 2023. Retrieved 25 March 2026.
  3. ↑ "Private equity spies opportunity from states' push to secure critical minerals". www.ft.com. Archived from the original on 9 January 2026. Retrieved 25 March 2026.
  4. 1 2 "Appian, World Bank start $1B critical minerals fund". MINING.COM. 21 October 2025. Retrieved 25 March 2026.
  5. ↑ "APPIAN CAPITAL ADVISORY LLP overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 25 March 2026.
  6. ↑ Els, Frik (22 May 2018). "It's not about scoring the big win, it's about not backing losers". MINING.COM. Retrieved 25 March 2026.
  7. ↑ "Appian CEO on principles for mining investment". MINING.COM. 13 January 2021. Retrieved 25 March 2026.
  8. ↑ Saigol, Lina. "Appian Capital is hoping to unearth an investment winner in a green metals push". www.fnlondon.com. Retrieved 25 March 2026.
  9. ↑ "Appian's Michael Scherb: accommodative capital and the new private equity investor in mining". MINING.COM. 31 July 2014. Retrieved 25 March 2026.
  10. ↑ Witkowsky, Chris (29 January 2014). "Appian closes debut metals and mining fund on $375 mln". PE Hub. Retrieved 25 March 2026.
  11. ↑ "Appian raises $775m for its second private equity mining fund". www.ft.com. Archived from the original on 22 July 2025. Retrieved 25 March 2026.
  12. ↑ Hiyate, Alisha (12 July 2023). "Appian ready to deploy $2bn in cash-starved mining sector, says CEO". MINING.COM. Retrieved 25 March 2026.
  13. ↑ Webb, Mariaan. "Strong support for Appian's third fund as it secures $2bn". Mining Weekly. Retrieved 25 March 2026.
  14. ↑ Clowes, William (21 October 2025). "IFC Teams Up With Appian Capital for $1 Billion Mining Blitz". Bloomberg. Retrieved 25 March 2026.
  15. ↑ "IFC, Appian launch $1 billion critical minerals fund in Africa, Latam". Reuters. 21 October 2025. Retrieved 25 March 2026.
  16. ↑ "Appian Capital Advisory LLP (Appian Capital Advisory)". BNamericas.com. Retrieved 25 March 2026.
  17. 1 2 Garcia, Luis (29 October 2021). "Appian Scores Hefty Returns on Brazilian Mine Sales". Wall Street Journal. ISSN 0099-9660. Retrieved 25 March 2026.
  18. ↑ "At present, the full operation of the Atlantic Nickel:Santa Rita nickel mine has completed the shipment ahead of schedule". news.metal.com. 3 June 2020. Retrieved 25 March 2026.
  19. ↑ Chen, Jackson (2 April 2025). "Appian completes $420M Brazil copper mine sale to Chinese group". MINING.COM. Retrieved 25 March 2026.
  20. 1 2 3 Chen, Jackson (10 November 2025). "Sibanye pays Appian $215M to settle dispute". MINING.COM. Retrieved 25 March 2026.
  21. ↑ Singh, Dippy (13 November 2025). "South African mining titan settles Appian dispute - African Law & Business". African Law & Business. Retrieved 25 March 2026.
  22. ↑ "Sibanye seeks to scrap $1bn nickel deal". www.ft.com. Retrieved 25 March 2026.
  23. 1 2 "Appian begins legal proceedings in $1.2 bln claim against Sibanye-Stillwater". Reuters. Archived from the original on 30 May 2022. Retrieved 25 March 2026.
  24. ↑ Trivedi, Upmanyu; Clowes, William (10 October 2024). "Sibanye Loses Appian Suit Over $1.2 Billion Brazil Mine Deal (2)". bloomberglaw.com. Retrieved 25 March 2026.
  25. ↑ "English High Court Considers "Material Adverse Effect" in BM Brazil & Ors v Sibanye BM Brazil & Anor [2024] EWHC 2566 (Comm) ("Sibanye")". Debevoise. Retrieved 25 March 2026.
  26. ↑ "Sibanye, Appian Capital reach $215 million settlement over cancelled Brazil mines deal". Reuters. 10 November 2025. Retrieved 25 March 2026.
  27. ↑ Clowes, William; Griffiths, Dylan (10 November 2025). "Sibanye Gains After $215 Million Deal to Settle Appian Spat". Bloomberg. Retrieved 25 March 2026.
  28. ↑ "Appian invests R$350m to explore graphite". valorinternational. 29 May 2024. Retrieved 25 March 2026.
  29. ↑ "Our Company | Gippsland Critical Minerals". 27 May 2025. Retrieved 25 March 2026.
  30. ↑ "Kalbar resources wins 144m investment from appian for fingerboards mineral sands project". theaustralian.com.au. Retrieved 25 March 2026.
  31. ↑ Eastwood, Alexandra (13 February 2023). "New name and new push for Kalbar Operations". Australian Mining. Retrieved 25 March 2026.
  32. 1 2 Gleeson, Richard (28 February 2023). "Companies look to government for help turning N.W.T. projects into mines". cbc.ca. Retrieved 25 March 2026.
  33. ↑ "Osisko sells 5% more of PPML to Appian". North of 60 Mining News. Retrieved 25 March 2026.
  34. ↑ Parker, Darren. "Appian acquires controlling stake in Rosh Pinah". Mining Weekly. Retrieved 25 March 2026.
  35. ↑ Rani, Archana (28 June 2023). "Appian acquires majority stake in Namibian zinc mine from Trevali". Mining Technology. Retrieved 25 March 2026.
  36. ↑ "Appian provides US Strategic Metals with $230m financing package". Mining Weekly. Retrieved 25 March 2026.
  37. ↑ Bluemner, Paul (31 October 2023). "Urbix Receives Strategic Investment from Appian Capital". citybiz. Retrieved 25 March 2026.
  38. ↑ Parker, Darren. "Urbix to get $125m from US govt to fund graphite processing facility". Mining Weekly. Retrieved 25 March 2026.
  39. ↑ "Appian picks up US mineral sands assets from Illuka". Mining Weekly. Retrieved 25 March 2026.
  40. ↑ "Atlantic Strategic Minerals starts commercial production at Virginia operations". Mining Weekly. Retrieved 25 March 2026.
  41. ↑ Lorinc, Jacob (21 January 2026). "Critical Minerals Firm Weighs Plan to Build US Rare Earth Plant". Bloomberg. Retrieved 25 March 2026.
  42. 1 2 "Ex-Deputy PM Raab to join Pall Mall mining investment operation". City AM. 21 February 2024. Retrieved 25 March 2026.
  43. ↑ "UK should ease rules to win back mining sector listings, says private equity boss". ft.com. Retrieved 25 March 2026.
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