Appian Capital eyes £1bn for sophomore mining fund

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UK buyout house Appian Capital is reportedly aiming to raise around $1.2bn (£1bn) for a new fund focused on provide long-term investment to small-scale mines globally.

The UK’s Telegraph newspaper reported the firm is aiming to make around eight separate investments valued between $100m to $150m each.

The firm is returning the fundraising market four years after $400m close of its maiden mining vehicle.

Appian solely invests in mining or mining related business, assets and management teams across the world.

The first fund was used to bring five mines into production and expects another two investments to start production within 18 months and has also secured two exits.

The fund investments have included Roxgold the owner of the Yaramoko gold mine in Burkina Faso, Harte Gold which owns the Sugar Zone gold property in Ontario and Peak Resources which owns the Ngualla project in Tanzania.

The firm is led by former JP Morgan bankers Michael Scherb and has received over received capital commitments of over $1bn in total.

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