Workers at Atlantic Nickel’s Santa Rita mine in Brazil.
According to a statement issued Tuesday, IFC will anchor the fund with an initial $100 million investment, while its IFC Asset Management unit will raise additional capital. The fund will be managed by London-based Appian and will target equity, credit, and royalty investments across Africa and Latin America. It will finance mineral development projects at all stages, including construction, production, and expansion. This represents the first mining-focused fund dedicated exclusively to emerging markets.
Appian founder and CEO Michael Scherb said: “IFC’s commitment is a strong endorsement of our ability to identify and responsibly develop high-quality assets, unlocking long-term value for our partners. It also underscores the vital role mining can play in driving sustainable economic growth and delivering lasting benefits for local communities, particularly in regions where development needs are most pressing.”
The fund’s first investment will be in Atlantic Nickel’s Santa Rita nickel-copper-cobalt mine in Bahia state, Brazil. Santa Rita, owned by Appian, is transitioning from open-pit to underground production. Once completed, annual output is expected to reach about 30,000 tonnes of nickel equivalent, with a mine life exceeding 30 years. IFC will participate on the same investment terms as other investors. Appian plans to spend $600 million between now and 2030 to support the transition to underground mining.
IFC Managing Director Makhtar Diop said: “Minerals are essential for building industries, creating jobs and driving economic growth. Partnering with companies like Appian will help bring more private capital to places that need it the most, expanding access to critical resources and helping local communities benefit from the development of their mineral wealth.”
All investments under the fund will adhere to IFC’s environmental, social, and governance (ESG) performance standards, which align with or exceed international best practices in responsible mining.
This marks IFC’s first collaboration with a metals and mining private equity investor to create a dedicated fund. IFC and Appian have cooperated for a decade, with joint investments in African rare earth and gold projects that have successfully advanced to production.
Appian manages approximately $5 billion in assets and has brought 12 mining projects into operation since 2016—more than the five largest international mining companies combined during the same period, according to the firm. The new fund strengthens Appian’s global mining portfolio while promoting sustainable mineral development in emerging markets.
