Mineração Vale Verde secures $140m for Serrote project in Brazil
Serrote project in Brazil.
(Image courtesy of Appian Capital Advisory).
Mineração Vale Verde secured a $140-million debt financing to finalize the development of the Serrote copper-gold project located in Alagoas, eastern Brazil.
The financing, provided by ING Capital LLC, Natixis, New York Branch, and Societe Generale, will fund all development costs, with the project now fully funded through to production, MVV and partner Appian Capital Advisory said in a media statement.
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“[This is] the largest greenfield mining project finance transaction to have been announced since the beginning of 2020 and the onset of covid-19,” the press brief reads.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
Mineração Vale Verde completes US$140m debt financing for Serrote development
February 4, 2021 GMT
Highlights
US$140m debt financing raised to fully fund the project through to production
Transaction is the largest greenfield mining project finance transaction to have reached completion since the beginning of 2020 and the onset of COVID-19, highlighting the strong underlying fundamentals of the project
Construction is progressing well, on time and in line with budget, now over 90% complete
Project development has been maintained in line with plan in spite of COVID-19, while ensuring the safety of all MVV employees
Appian CEO on principles for mining investment
Michael Scherb, founder and CEO, Appian Capital Advisory.
Since Appian Capital Advisory raised its flagship mining and metals fund in 2014, the London-based firm has made nine investments with six mines now in production and another two likely within the next two years.
The firm has expanded to 37 investment professionals across locations in London, Toronto, Lima, Belo Horizonte and Sydney, now overseeing 4,650 employees across its portfolio.
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On Monday, Appian announced a significantly larger fund – $775 million and oversubscribed – which, despite the disruption caused by covid-19, has already deployed 40% of its capital.
Appian raises $775m reaching hard cap for second mining fund
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Highlights
Strong investor interest reflects demand for hard assets and green commodities exposure
Provides exposure to copper, nickel and other base and industrial metals with a precious metals hedge
40% already deployed using Appian s world class global sourcing and execution capabilities
Builds on Appian s record of generating strong risk adjusted returns by identifying, acquiring and developing undervalued metals and mining assets
Majority of fundraising completed remotely through COVID-19 pandemic
Team expanded to 37 investment professionals across locations in London, Toronto, Lima, Belo Horizonte and Sydney, overseeing nearly 5,000 employees across the portfolio
Appian closes $775m fund as institutions line up for mining investment
Workers at Avanco’s copper and gold mine Brazil. Image from Appian Capital Advisory.
Appian Capital Advisory has had a busy seven years since the London-based firm raised its flagship mining and metals fund in 2014.
Appian has made nine investments with six mines in production and another two likely within the next two years. The firm has expanded to 37 investment professionals across locations in London, Toronto, Lima, Belo Horizonte and Sydney, overseeing 4,650 employees across its portfolio.
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On Monday, Appian announced a significantly larger fund – $775 million and oversubscribed – which, despite the disruption caused by the pandemic, has already deployed 40% of its capital.