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Highlights

  • Acquisition of construction-ready mineral sands assets in Virginia, USA, from Iluka Resources
  • Strategically located close to domestic customers and end users
  • Historically operating mine with significant existing infrastructure and some of the highest-grade mineral sands resources globally, set to produce ilmenite and zircon
  • Advances Appian’s mineral sands strategy and complements existing portfolio assets
  • Allows Appian to leverage its deep development and operational expertise to de-risk and restart the project
  • Enhances Appian’s advanced portfolio of assets in attractive operating jurisdictions while strengthening its presence in the United States

Appian Capital Advisory LLP (“Appian” or the “Company”), the investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies, is pleased to announce the acquisition of a package of strategically located and near-production ready mineral sands deposits and processing facilities (the “Properties”) located in Virginia, USA, from Iluka Resources Inc. (“Iluka”), through Appian’s majority-owned subsidiary Atlantic Strategic Minerals (“ASM”) (the “Transaction”).

The Properties include some of the highest-grade mineral sands resources globally. They are expected to produce high-quality ilmenite and zircon from a historically operating mine with significant existing infrastructure. Appian plans to leverage its deep 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. The Transaction includes provision for the sale of mineral sands products back to Iluka. The Transaction also advances Appian’s mineral sands strategy and complements its investment in Gippsland Critical Minerals, an existing mineral sands portfolio company in Victoria, Australia.

Michael W. Scherb, Founder and CEO of Appian, commented:
“This acquisition provides a significant opportunity, with some of the highest-grade mineral sands resources globally, strategically located close to end users in the U.S. with significant infrastructure already in place. Appian is well positioned, with its extensive mine development and operational expertise, 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.”

Chris Wyatt, CEO of Atlantic Strategic Minerals, commented:
“Entering into a partnership with Appian instils confidence in the future of ASM as a domestic mineral sands producer. Their involvement ensures that these Properties will be restarted in an efficient and timely manner. Moreover, with Appian’s support, we can better realize the potential value of ASM’s strategic location. We see this collaboration as a pivotal move for our growth and future success.”

The Transaction follows extensive engagement with the ASM team and is a strong fit with Appian’s investment strategy::

  • Controlling ownership, enabling Appian to apply its best-in-class capabilities to safely restart operations and adhere to international best ESG standards
  • Strategically located domestic producer of mineral sands
  • Material resource development upside and the ability to augment returns through mine life extensions
  • Potential to leverage existing facilities to process rare earth elements and drive growth
  • Expands Appian’s presence in the United States, one of the world’s leading mining jurisdictions, following the recent opening of the Company’s New York office

For further information:

FGS Global +44 (0)20 7251 3801 / [email protected]
Charles O’Brien, Richard Crowley, Michael Stock

Appian Capital Advisory +44 (0)20 7004 0951 / [email protected]
Michael W. Scherb

About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 7,000 employees.

Appian has a global team of 75 experienced professionals with presences in London, New York, Toronto, Vancouver, Lima, Belo Horizonte, Montreal, Dubai, Johannesburg and Perth.

For more information please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.

 

You can download a PDF version of this press release here.

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