Appian Capital Advisory LLP (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, announces a planned restructuring of its operations in Brazil to support new growth opportunities.
Highlights
- Appian is optimizing its portfolio companies based in Brazil, appointing new management to oversee operations across different business lines
- Atlantic Nickel will be managed by Ignacio Bustamante, Appian’s Head of Base Metals
- Milson Mundim has been appointed CEO of Omnigen Energy and will be responsible for delivering Appian’s solar projects to reduce costs and decarbonize mining assets in Brazil
- Appian will appoint a new Head of Critical and Industrial Minerals to leverage synergies and further integrate operations across its portfolio
- Paulo Castellari, CEO of Appian Capital Brazil, will leave the organization having successfully restarted operations at Atlantic Nickel and delivered three greenfield projects into production (Mineração Vale Verde (“MVV”), Graphcoa, and Omnigen)
Appian is restructuring its Brazilian operations by appointing new leadership to oversee its portfolio companies, driving its next phase of growth in the market across three different pillars.
Atlantic Nickel’s Santa Rita project, one of a few long-life nickel sulphide mines producing globally, will be managed by Ignacio Bustamante. Ignacio 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.
Ignacio 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 long 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, Milson 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.
Michael W. Scherb, Founder and CEO of Appian, commented: “Appian has achieved significant success in Brazil, developing new projects that will leave a lasting positive social and economic impact in our host communities. This restructuring will help position our portfolio to build on this foundation and optimize the performance of our assets moving forward.
“I’d like to thank Paulo for his excellent leadership over the last six years. His stewardship and growth of Appian Capital Brazil has helped bring four projects into production, integrate those projects into the local communities, and implement innovative, safe, and responsible mining practices across our operations. We wish him the best of luck in his next endeavor.”
Paulo Castellari, CEO of Appian Capital Brazil, will leave the organization on March 30th, 2025. His departure will follow the expected completion of the sale of MVV’s Serrote mine, an open-pit copper-gold asset located in Alagoas, Brazil. The development and performance of MVV since it was acquired in 2018 demonstrates the strength of Appian’s operating model in identifying, acquiring and optimizing undervalued mining projects using technical arbitrage, creating significant value for its stakeholders.
For further information:
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining and adjacent industries to achieve their development targets, with a global operating portfolio overseeing nearly 5,000 employees.
Appian has a global team of 85 experienced professionals with presences in London, New York, Hong Kong, Toronto, Vancouver, Lima, Belo Horizonte, Dubai, Johannesburg and Perth.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.
