By Staff Reporter
Windhoek, Oct. 21 — Appian Capital Advisory Limited has teamed up with the International Finance Corporation (IFC), a member of the World Bank Group, to create a new US$1 billion fund that will support mining and mineral projects in emerging markets.
The fund will invest in important minerals such as nickel, cobalt, and copper—resources that are key to producing clean energy and modern technologies. IFC has committed US$100 million to start the fund, while more investors will be brought in through IFC’s Asset Management Company.
The fund’s first investment will be in Brazil’s Santa Rita mine, which produces nickel, copper, and cobalt. The mine is expected to operate for more than 30 years and create jobs while supporting local communities.
According to Appian’s founder and CEO, Michael Scherb, the partnership shows confidence in the company’s ability to develop high-quality and responsible mining projects
“Mining plays an important role in driving economic growth and creating lasting benefits for communities,” Scherb said.
IFC Managing Director Makhtar Diop said the partnership will help bring more private investment into developing regions.
“Minerals are essential for building industries and creating jobs. Working with Appian will help ensure local people benefit from these opportunities,” he said.
This is the first mining fund that IFC has created with a private investor. It will focus on projects in Africa and Latin America, following strict environmental and social standards to make sure mining is done responsibly and benefits local economies.
