INVESTMENT HIGHLIGHTS

The Santa Rita nickel mine (“Atlantic Nickel” as of Q2 2019, previously known as Mirabela Mineração do Brasil) is an operating open-pit nickel sulphide (“NiS”) mine with an estimated processing capacity of 6.5Mt of ore annually, located in the north-eastern Brazilian state of Bahia.

Appian acquired the mine in 2018, optimized the pit design, refurbished the processing facilities, and successfully restarted operations in 2019. Benefiting from existing permits and over US$1bn of historic infrastructure, Appian and Atlantic Nickel safely returned the mine from care and maintenance and into production with the first sale of nickel concentrate being consummated in January 2020. Appian implemented major mine and plant optimization measures, reducing the operation’s cost position and generating an attractive cash flow profile while advancing studies for the underground expansion.

In 2024, Atlantic Nickel delivered a Pre-Feasibility Study (PFS) for the mine’s underground expansion. The PFS outlines a long-life mine with a higher annual production rate, low capital intensity, and a competitive cost structure. The expansion contemplates an operation of more than 30+ years, delivering an average of 45 million pounds of payable nickel per year. Atlantic Nickel is progressing toward a Final Investment Decision in 2026, which would position the mine as one of the five largest nickel sulphide mines outside of Russia and China.

For more information about Atlantic Nickel, please click here.

Ownership: Private