Appian Capital Advisory has acquired a 95% equity stake in the Omitiomire project (Omico Copper) in Namibia, with plans to deliver over US$400 million ($556.4 million) in development capital to bring the project into production.
Omico Copper is a long-life, mid-scale copper asset with around 520,000 tonnes of contained copper. The project’s near-term production outlook is supported by strong economics and potential upside through processing improvements, mine design optimisation, and exploration growth.
A Bankable Feasibility Study (BFS) has confirmed a ‘substantial’ measured and indicated resource of 123 million tonnes @ 0.51% copper, with a mineable inventory of 102 million tonnes @ 0.51% copper.
The acquisition reflects Appian’s belief in the long-term fundamentals of the copper market. It also unlocks an undeveloped copper deposit with a clear development pathway.
The company notes the project has the potential to produce around 30,000 tonnes of copper per year over its 15-year mine life.
Founder and CEO Michael Scherb says that the acquisition of Omico Copper “aligns well with Appian’s investment philosophy”.
“The project complements our portfolio, offering near-term production alongside long-term growth potential,” Scherb adds.
“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.”
Appian notes that this acquisition strengthens its global diversified portfolio of transition minerals, with copper being a central focus of its long-term investment thesis.
Copper spot prices are up 82.9% over the past 31 months on the LME, rising from US$3.57 to US$6.53 ($9.04) per pound, as previously reported. Appian sees demand growing steadily through 2035, driven by the clean energy transition.
Appian Capital Advisory is an investment advisor to the Appian Natural Resources private capital funds, focused on investing in metals, mining, and related companies across commodities and geographies.
Write to Amy Rotman at Mining.com.au
Images: Appian Capital Advisory
