Appian Capital Advisory is targeting about 2 billion dollars in Africa, managing director Michael Scherb told Reuters on 27 October. The ambition forms part of a global deployment of 5 to 7 billion over twelve to twenty-four months.
The executive favours Morocco, Namibia and Botswana. He is also studying Ghana, Côte d'Ivoire, Mauritania and Senegal, without announcing any commitment by country.
Political risk weighs on destinations
Reuters counts three active African investments and four in Latin America, mainly in Brazil. Three African exits are also mentioned, notably in Burkina Faso and Tanzania, in contexts of political crisis.
According to Michael Scherb, uncertainty over public policy is redirecting capital towards Latin America. He advocates simplified permits and predictable rules.
Developing a mine requires more than acquisition
In Namibia, an earlier operation illustrates the industrial requirements behind this strategy. On 14 May 2026, Appian announced it had acquired 95% of the Omitiomire copper project, which is still to be developed. The group planned to invest more than 400 million dollars to take it into production, with a potential of around 30,000 tonnes of copper a year for about fifteen years.
The announcement also outlined possible improvements to ore processing and mine planning. Appian intended to draw on its experience at Rosh Pinah Zinc, also in Namibia, and had begun discussions on future marketing. A Namibian community foundation held the remaining 5%. These elements describe the structure of the project announced in May, with production capacities still forecast.
Institutional financing offers another perspective. IFC's public disclosure on Appian EM Fund shows an approved equity commitment of 100 million dollars in October 2025. The vehicle is meant to co-invest in emerging markets, notably in Africa and Latin America. Its scope therefore extends beyond the African envelope now mentioned.
IFC highlights constraints specific to mining, including development timelines, high capital requirements and political risk. The framework applies its environmental and social standards to eligible investments. It also provides for an annual report on these performances and periodic publication of the names, locations and sectors of sub-projects meeting disclosure criteria, subject to regulatory constraints.