Appian Capital Advisory LLP sold two of its Brazilian mining companies to South African-based Sibanye-Stillwater. The companies, Atlantic Nickel and Mineração Vale Verde (MVV), focus on mining metals used in batteries. Appian first invested in both Atlantic Nickel and MVV in 2018.
Appian paid $68 million to buy Atlantic Nickel out of a complex bankruptcy process. Atlantic Nickel is also the owner of Santa Rita, one of the world's largest open-pit nickel sulfide mines. At the same time, it bought MVV from Aura Minerals for $40 million. MVV is the owner of the Serrote greenfield open-pit copper-gold asset located in Alagoas, Brazil.
As per the deal, Appian will receive $1 billion in cash and steady income from the assets sold. This includes a 2.75% royalty on the open-pit mine as wel...
