Michael W. Scherb: Appian is a unique blend of long term patient and collaborative capital combining with a technical team which has built 60+ mines into production and a financial team which has overseen nearly $200bn of mining deals. My background is working for JP Morgan’s mining team in London and during that time I realised that in the mining industry you have a lot of short-term money financing long-term projects, so there was a clear disconnect. Appian represents long term capital matching a long term industry.

You see retail or institutional investors trying to invest in mining with a short-term mindset looking for quarterly returns. So you end up seeing the same mistakes throughout the mining cycle – everyone is too bullish during the upturn and too negative when things get difficult, exactly what we are witnessing now.

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