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Investing.com -- Appian Capital Advisory and the International Finance Corporation (IFC) have partnered to launch a $1 billion critical minerals and metals fund focused exclusively on emerging markets.
The fund will be anchored by IFC, a member of the World Bank Group, with an initial contribution of $100 million. Additional capital will be mobilized by the IFC Asset Management Company.
This new investment vehicle will deploy capital across equity, credit, and royalties, targeting strong financial returns while promoting development impact and job creation in emerging economies. It represents IFC’s first fund established with a metals and mining private equity investor.
The fund has already made its first investment in Atlantic Nickel’s Santa Rita nickel-copper-cobalt mine in Brazil, co-investing alongside Appian to advance underground development of the project, which has a 30+ year mine life. The mine is expected to increase production to approximately 30,000 tonnes per year of nickel equivalent.
All investments will adhere to IFC’s environmental, social, and governance standards, which meet or exceed international best practices in responsible mining.
Michael W. Scherb, Founder and CEO of Appian, called the partnership "a strong endorsement of our ability to identify and responsibly develop high-quality assets," while Makhtar Diop, Managing Director of IFC, noted that "minerals are essential for building industries, creating jobs, and driving economic growth."
Appian, which has approximately $5 billion in assets under management, will manage the fund, focusing primarily on opportunities in Africa and Latin America. The firm has brought 12 mining projects into production since 2016.
IFC and Appian have maintained a ten-year investing relationship, including two successful investments in Africa across rare earths and gold.
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