Appian deepens Namibia push with $400M copper mine

Appian Capital Advisory has acquired Omico Copper in a deal giving the mining-focused private equity firm a 95% stake in Namibia’s Omitiomire copper project as it expands its exposure to a metal expected to face surging demand growth.

The London-based investor said Thursday it plans to spend more than $400 million to develop Omitiomire into a mine producing about 30,000 tonnes of copper annually over a 15-year mine life, with first production targeted within three years.

The project, about 140 km northeast of Windhoek in Namibia’s Otjozondjupa region, is considered one of the country’s most advanced undeveloped copper assets. Appian didn’t disclose the acquisition price for the asset, which was sold by Guernsey-based private equity fund Greenstone Resources and Australian mining company International Base Metals.

“Omico Copper is a technically robust development opportunity that aligns with Appian’s investment philosophy,” CEO Michael Scherb said in a statement. “The project complements our portfolio, offering near-term production alongside long-term growth potential.”

Copper deals

The acquisition expands Appian’s footprint in Namibia following the 2023 purchase of the Rosh Pinah zinc mine, the country’s only operating zinc operation. Scherb told Bloomberg News the firm could announce two more copper acquisitions before year-end involving projects at similar stages of development in South America, North Africa and southeastern Europe.

Mining investors are increasingly targeting copper assets amid expectations supply will struggle to meet rising demand from electric vehicles, renewable energy systems, power grids and AI infrastructure. S&P Global forecasts copper demand will climb 50% to more than 42 million tonnes by 2040 from 28 million tonnes last year. 

The metal, crucial to electrification, is once again trading near a record high above $14,000 a tonne as a squeeze on Middle Eastern sulfur supplies threatens some operations, compounding disruptions at major mines elsewhere around the world.

Building pipeline

Appian’s latest acquisition also builds on a broader strategy to expand its mining portfolio across Africa and Latin America. In October, the firm established a $1 billion partnership with the International Finance Corp., the World Bank’s private-sector arm, to support mining investments in the regions. 

The fund has already backed the development of an underground operation at the Santa Rita nickel mine in Brazil and the expansion of Asante Gold Corp.’s mines in Ghana, Scherb said. Namibia remains one of several “tier-one jurisdictions” where Appian is actively seeking investments alongside Morocco, Ivory Coast, Botswana and Zambia.

The firm’s current portfolio includes operations producing about 480,000 oz. of gold annually, along with 55,000 tonnes of zinc and 19,000 tonnes of nickel.