Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Appian Capital Advisory LLP, the investment advisor to private capital funds that invest in mining and related companies, announced Thursday it has acquired a package of strategically located, near production ready mineral sands deposits and processing facilities in the US state of Virginia from Iluka Resources through its subsidiary Atlantic Strategic Minerals.
The properties include some of the highest-grade mineral sands resources globally, Appian said, adding they are expected to produce high-quality ilmenite and zircon from a historically operating mine with significant existing infrastructure.
Appian said it plans to leverage its development and operational expertise to de-risk and restart the mining operations, with the refurbishment of two existing mineral concentrator plants and the development of mining infrastructure.
The properties are well-positioned to provide a domestic supply of mineral sands, Appian said.
“This acquisition provides a significant opportunity, with some of the highest-grade mineral sands resources globally, strategically located close to end users in the US with significant infrastructure already in place,” Appian founder Michael Scherb said in a statement.
“Appian is well positioned… to return these assets to production and maximize their potential. The transaction is also an excellent fit with our existing portfolio and focus, as we continue to invest in the global megatrends shaping society.”
