Michael Scherb, founder and CEO of Appian Capital Advisory. Credit: Appian Capital Advisory
Appian Capital Advisory LLP, investment advisor to private capital funds that invest in companies in metals and mining, announced Wednesday a planned restructuring of its operations in Brazil by appointing new leadership to oversee its portfolio companies.
Atlantic Nickel’s Santa Rita project, one of a few long-life nickel sulphide mines producing globally, will be managed by Ignacio Bustamante.
Bustamante joined Appian in 2023 and has built a specialist base metals team that oversees Appian’s zinc assets in Canada and Namibia, which are expected to produce a combined ~250kpta of Zinc Equivalent annually by 2033. He will be supported by Tony Lima, in his role as chief operating officer of Atlantic Nickel.
Bustamante brings a wealth of experience building and operating mining operations worldwide, including 13 years as the CEO of Hochschild Mining PLC where he led the development of the company’s flagship project, Inmaculada, a gold and silver underground mine in Peru.
He will now oversee Atlantic Nickel’s significant underground extension development through the transition from open-pit to underground mining. Appian has already progressed the mine’s underground development, including delivering its pre-feasibility study (PFS) in Q4 2024.
The PFS has further strengthened Appian's confidence in the extension, projecting a mine life of 20+ years, a higher production rate of c.30ktpa of nickel equivalent, and low capital intensity and cost structure, utilizing the existing plant and infrastructure.
Milson Mundim has been appointed the CEO of Omnigen Energy. As CFO of Appian Capital Brazil, Mundim has overseen the financing and construction of Omnigen’s 20 solar power plants in Minas Gerais, with a total capacity of 62.4MWp, through to production on budget.
He will now lead the company, which is a core element of Appian’s clean energy and mining adjacent strategy, which supports the business’ ambitions to decarbonize its portfolio and improve margins.
Appian is also planning to appoint a new Head of Critical and Industrial Minerals, who will collaborate with existing management at its portfolio companies, Graphcoa and Urbix, to progress Appian’s graphite vertical integration strategy and provide additional oversight to Appian’s other industrial minerals assets.
Graphcoa began production at its first mine in Itagimirim, Brazil in Q4 2024. Its operations, which will continue to be led by Ricardo Alves, managing director, will provide graphite feedstock to US-based Urbix to produce coated spherical purified graphite for use in electric vehicles, creating a secure and vertically integrated graphite anode supply chain in the Americas.
All three business lines will continue to leverage the collective experience, capabilities and reputation of Appian Capital Brazil’s 100+ team headquartered in Belo Horizonte. Their strategies will be supported by Diogo Oliveira, ESG & People Director of Appian Capital Brazil and Milson Mundim, who will continue in his role as Chief Financial Officer of Appian Capital Brazil, in addition to his position as CEO of Omnigen Energy.
“Appian has achieved significant success in Brazil, developing new projects that will leave a lasting positive social and economic impact in our host communities," Michael W. Scherb said in a news release. "This restructuring will help position our portfolio to build on this foundation and optimize the performance of our assets moving forward."