Appian Capital Advisory has secured a $150 million debt facility from Standard Bank to complete the expansion of its majority-owned Rosh Pinah zinc mine (RPZ) in southern Namibia.
The financing will cover the remaining construction costs of the Rosh Pinah 2.0 project (RP2.0), which is more than 80% complete and on track for full commissioning in next year’s third quarter. The expansion aims to nearly double throughput to 1.3 million tonnes a year, equal to about 170 million lb. of zinc.
The project includes developing additional underground deposits and building new surface facilities, including a processing plant, paste fill and water treatment plant, as well as a new portal and decline.
“Securing this financing is a major step forward for RPZ and RP2.0,” said Ignacio Bustamante, Appian’s head of base metals. “The expansion is a key component of our strategy to optimise operations and extend mine life.”
Long-term confidence
Alex Mayrick, the mine’s general manager, said Standard Bank’s involvement reflected confidence in the operation’s long-term prospects.
About 30% of the mine’s energy needs are being met by the Rosh Pinah Solar Park, in which Appian took a controlling stake earlier this year. The plant supplies electricity at a fixed rate under a 15-year offtake agreement with Emesco Energy, cutting energy costs by 8%.
Appian plans to boost the solar plant’s capacity from 5.4MWp (megawatt peak) to 16.3MWp. Emesco will continue as the operator.
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