Appian Capital Advisory said on Tuesday it had completed the acquisition of an almost 90% stake in the Rosh Pinah underground zinc mine in southern Namibia from Travali Mining.
As part of the deal, Appian will restart an expansion project that will see the operating mine double throughput to 1.3 million tonnes per annum, equivalent to 170 million lb. of zinc, it said.
Currently, Rosh Pinah is a 2,000 tonnes per day milling mine that has been in operation for 54 years.
“This acquisition marks a significant milestone for Appian as we continue to develop our world-class portfolio of highly attractive zinc assets, a critical metal that will help facilitate the upcoming energy transition,” CEO Michael Scherb, said in the statement.
The acquisition follows Appian’s investment in two zinc mines — Pine Point, in Canada’s Northwest Territories, and Vedra Metals in Italy.
It comes only two weeks after the private equity firm sold Atlantic Nickel and Mineração Vale Verde operations in Brazil to ACG Acquisition Company Limited (LSE: ACG) for $1 billion cash.
Rosh Pinah’s expansion project envisages the construction of new processing facilities, including the addition of a paste fill and water treatment plant, as well as a dedicated portal and decline to extended deposits.
It will also focus on improving the safety and environmental performance of the mine, which produces zinc and lead sulphide concentrates, as well as smaller amounts of copper, silver and gold, Appian said.
