Appian acquires majority stake in Namibia copper project
Investment adviser Appian Capital Advisory has acquired a 95% controlling equity interest in the Omitiomire copper project (Omico Copper), in Namibia, and says about $400-million in development capital is needed to create a mine capable of producing about 30 000 t/y of copper over a 15-year mine life.
Appian states that copper demand is forecast to increase steadily through to 2035, driven by global electrification and energy transition infrastructure.
Against a backdrop of constrained new supply, Omico Copper represents a rare near-term opportunity to bring meaningful new production to market. The project’s offtake is unencumbered, preserving commercial flexibility and Appian has already started discussions with potential partners on future offtake arrangements, it points out.
Appian says its technical due diligence has identified several value-creation opportunities at the project, including a transition from a leach-based flowsheet to a flotation processing route.
“Omico Copper is a technically robust development opportunity that aligns with Appian’s investment philosophy. The project complements our portfolio, offering near-term production alongside long-term growth potential.
"Our due diligence has demonstrated a clear path to strong cash generation and value creation through disciplined development and resource expansion. Namibia remains a trusted jurisdiction for Appian, and we look forward to delivering this project responsibly and efficiently for the benefit of all stakeholders,” says Appian founder and CEO Michael W Scherb.
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