WINDHOEK, May 14 – UK-based private equity firm Appian Capital Advisory has acquired a 95% stake in Namibia’s Omitiomire copper project as the private equity firm positions itself to benefit from rising global demand for the industrial metal.
Chief Executive Officer Michael Scherb said the firm plans to bring the project into production within three years as competition for copper assets intensifies globally.
“Half the world is chasing copper at the moment,” Scherb said in an interview.
Copper prices have surged near record highs above $14,000 a ton as demand tied to electrification, renewable energy, electric vehicles and artificial intelligence infrastructure continues to rise.
The market has also faced additional supply pressures from disruptions at major mines and tightening sulfur supplies linked to instability in the Middle East.
Appian plans to invest more than $400 million to develop Omitiomire into a producing mine, although the company did not disclose the purchase price for the asset.
The project was acquired from Greenstone Resources LP and International Base Metals Ltd..
Omitiomire is expected to produce approximately 30,000 tons of copper annually over a 15-year mine life once operations begin between 24 and 36 months from now.
Scherb said Appian sees value in developing multiple mid-sized mining assets capable of collectively delivering significant production volumes with lower operational complexity than mega-projects.
Namibia is best known as a major uranium producer but also has substantial deposits of copper, gold, diamonds and tin.
Appian said it could announce two additional copper acquisitions before the end of the year as it evaluates projects across South America, North Africa and southeastern Europe.
Mining investors have increasingly shifted attention toward copper amid expectations that global supply may struggle to meet accelerating demand growth.
According to analysis from BloombergNEF, global copper demand could nearly double to more than 50 million tons by 2050 from 26.4 million tons last year.
The acquisition also forms part of a broader partnership between Appian and International Finance Corporation, which launched a $1 billion mining investment platform focused on Africa and Latin America in October.
The partnership has already backed projects including the expansion of Asante Gold Corp. operations in Ghana and development work at Brazil’s Santa Rita nickel mine.
Scherb said Appian continues to actively evaluate mining investments across several African markets, including Namibia, Morocco, Ivory Coast, Botswana and Zambia.
