UK-based mining and metals investment adviser Appian Capital Advisory is expanding its US presence, announcing the acquisition of near-production-ready mineral sands deposits and processing facilities in Virginia.
The mineral sands investment follows Appian’s US graphite investment, announced earlier this week, and fits the group’s focus of investing in the global megatrends shaping society.
Appian is acquiring the package of mineral sands assets from Illuka Resources through its majority-owned subsidiary Atlantic Strategic Minerals.
The properties include some of the highest-grade mineral sands resources globally. They are expected to produce high-quality ilmenite and zircon from an historically operating mine with significant existing infrastructure.
Appian plans to leverage its expertise to de-risk and restart the mining operations, with the refurbishment of two existing mineral concentrator plants and the development of mining infrastructure.
The properties are well-positioned to provide a domestic supply of mineral sands.
“This acquisition provides a significant opportunity, with some of the highest-grade mineral sands resources globally, strategically located close to end-users in the US with significant infrastructure already in place,” Appian founder and CEO Michael Scherb said.
The transaction also advances Appian’s mineral sands strategy and complements its investment in Gippsland Critical Minerals, in Victoria, Australia.