Appian sells Caserones copper royalty
Appian Capital Advisory, an investment adviser to private equity funds investing in mining companies, will sell its Caserones copper royalty to Nomad Royalty for $23-million in cash and two-million common share purchase warrants of the buyer.
The royalty interest is cash generative and represents an effective 0.28% net smelter return royalty over the Caserones mine in Atacama, Chile, owned by Minera Lumina Copper Chile.
"We are delighted to announce this transaction with Nomad who have sector leading growth potential and a high-quality asset base,” said Appian founder and CEO Michael Scherb in a statement on Friday.
He said the investment was an example of Appian's ability to source high-quality, off-market opportunities and effectively bring them to market to generate attractive returns.
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