Appian to build $400m copper mine in Namibia

PRIVATE equity investor Appian Capital Advisory said on Thursday it is planning to build a $400m copper mine in Namibia.The UK-headquartered firm said the Omico Copper project, situated 140 kilometres from Namibia’s capital Windhoek, was scoped to produce 30,000 tons a year of copper over its 15-year life-of-mine, with potential to expand.Omico Copper had a measured and indicated resource of 123 million tons grading at 0.51% copper, underpinning a mineable inventory of 102Mt at 0.51% of copper.Michael Scherb, founder and CEO of Appian Capital described the project as providing “near term” production. It was acquired from Greenstone Resources, a UK fund, and IBML, an Australian mineral developer that started work on Omico Copper in 2008.About 5% of the project will be owned by the Craton Foundation Trust, a Namibian community trust, Appian Capital said.It added Appian said it had started early stage metal offtake discussions but remained flexibile on its financing options. Last year, Appian secured a $1bn partnership with the World Bank’s IFC to finance mining projects primarily in Africa and Latin America, with the IFC providing $100m to anchor the fund.It has a recent trackrecord in Namibia having acquired its Rosh Pinah mine and processing facilities in 2023. The Rosh Pinah expansion was to be completed by July doubling output to about 75,000 tons of finished zinc metal annually.“Namibia remains a trusted jurisdiction for Appian, and we look forward to delivering this project responsibly and efficiently for the benefit of all stakeholders,” it said.The post Appian to build $400m copper mine in Namibia appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com