Windhoek: Private mining investor Appian Capital Advisory has acquired a 95 percent stake in a copper deposit in Namibia, with plans to invest over USD 400 million in developing it into a functioning mine. Appian, a London-based private equity firm focusing on metals and mining, manages mining operations in Namibia and Brazil.

According to Namibia Press Agency, Appian founder and chief executive Michael Scherb announced that the deposit, known as Omico Copper, is located about 140 kilometers northeast of Windhoek. It is anticipated to produce around 30,000 tonnes of copper per year over a span of 15 years. Scherb mentioned that the company is currently in discussions with potential buyers for the copper and is in the process of raising the necessary funds to construct the mine.

Scherb emphasized that Namibia is a familiar investment region for Appian, highlighting their ownership of the Rosh Pinah Zinc mine since 2023. He confirmed that the management team of the Rosh Pinah mine would also oversee the development of Omico Copper. This acquisition aligns with Appian's belief in the growing demand for copper, driven by the global transition to cleaner energy and the expansion of electrical infrastructure.

Omico Copper is viewed as a robust development opportunity, fitting well with Appian's investment strategy. It offers both near-term production and long-term growth potential, with clear prospects for strong cash generation and value creation through disciplined development and resource expansion. Scherb reiterated Appian's commitment to delivering the project responsibly and efficiently, emphasizing Namibia's status as a trusted jurisdiction.

The remaining five percent of Omico Copper is owned by the Craton Foundation Trust, a Namibian community trust supporting local social and educational initiatives. The deposit's mining license is valid until 2036, with an option for renewal.