Appian Capital Advisory has finalized the sale of Mineração Vale Verde (MVV), owner of the Serrote copper-gold mine in Alagoas, Brazil, to China’s Baiyin Nonferrous Group for $420 million. The deal, announced in November 2024, has now received all necessary approvals. This marks Appian’s 13th successful exit in its strategy of acquiring undervalued mining assets and optimizing their value.
MVV operates the Serrote greenfield copper-gold project, which Appian acquired from Aura Minerals in 2018. The mine began production in May 2021 after Appian implemented a revised feasibility study that reduced initial capital expenditures from $420 million to $243 million. The changes focused on higher-grade resources and efficiency improvements. Since its ramp-up in late 2022, MVV has maintained stable operations, producing 18,300 tonnes of copper and 8,200 ounces of gold last year.
Appian CEO Michael Scherb stated that the sale demonstrates the firm’s ability to identify overlooked assets and use technical expertise to unlock their potential. Baiyin Nonferrous plans to continue MVV’s operations while maintaining its ESG practices.
This transaction follows Appian’s legal victory against Sibanye-Stillwater over a scrapped $1.2 billion deal involving MVV and Atlantic Nickel. A UK court ruled in favor of Appian in October 2024, deeming Sibanye liable for damages exceeding $600 million. Appian previously pursued other buyers, including Glencore-backed ACG, but those deals also fell through.
