Global mining private equity firm Appian Capital Advisory has identified Namibia as the largest recipient of its investment capital worldwide, saying it intends to deepen its presence in the country as it advances multi-billion-dollar zinc and copper developments.
Addressing delegates at the Namibia Mining Expo and Conference on Wednesday, Appian Capital’s head of Africa and the Middle East, Khathutshelo “K2” Mapasa, said Namibia now accounts for the firm’s largest global capital commitment, underscoring growing confidence in the country’s mining sector.
Mapasa said the London-headquartered investment company differs from traditional mining houses because it specialises in acquiring mining assets, improving their value through technical expertise and investment, before eventually exiting once projects have matured.
“We are not a mining company. We are a specialist mining private equity firm,” he said.
Since its establishment in 2012, Appian has raised more than US$5 billion, completed 40 mining investments, developed 24 mines, brought 12 operations into production and employs more than 13,000 people across its portfolio. Its team comprises more than 100 mining, engineering and finance specialists drawn from major companies including BHP, Anglo American, Barrick, JP Morgan and Deutsche Bank.
He said more than a quarter of Appian’s capital has been invested in Africa, with Namibia now emerging as the firm’s flagship jurisdiction.
“Namibia holds the highest capital commitment within Appian,” Mapasa said, adding that the company remains actively looking for additional investment opportunities in the country.
Mapasa said Appian’s confidence in Namibia is already translating into tangible projects.
After acquiring the Rosh Pinah Zinc Mine in 2023 following the collapse of its former owner, Trevali Mining, the company launched the long-delayed Rosh Pinah 2.0 expansion only three months after taking control.
“Three months after we took the keys of Rosh Pinah Mine, we started this project called Rosh Pinah 2.0,” he said.
The company proceeded despite financing not yet being finalised.
“The banks were not ready, but we were confident enough in terms of the conviction of Rosh Pinah 2.0,” Mapasa said.
Construction of the expansion is now more than 97% complete, with commissioning scheduled for 2027.
According to Mapasa, the project supports more than 1,800 permanent jobs, over 98% of whom are Namibians, while paying more than N$421 million annually in salaries and wages.
Beyond expanding production, Appian has also intensified exploration around Rosh Pinah to significantly extend the mine’s life, while introducing Namibia’s first underground paste backfill system, a technology designed to improve ore recovery, reduce waste, and lower the environmental footprint of underground mining.
Mapasa said Appian’s next major focus is the Omitiomire Copper Project, where the company recently acquired a controlling interest.
He said the firm’s technical review concluded that conventional flotation is better suited to the predominantly sulphide orebody than the previously considered hydrometallurgical approach.
The company is undertaking additional drilling to expand the resource, with Mapasa comparing the geological setting to Zambia’s North-West Copperbelt.
“We do believe there is something to be found,” he said.
Appian estimates that developing Omitiomire will require more than N$8 billion in investment and create more than 800 direct jobs. At the same time, the project’s community ownership structure includes a 5% stake held by the Craton Foundation to support local education and health initiatives.
Mapasa said growing demand for copper, driven by electrification, artificial intelligence and the global energy transition, had intensified competition for quality deposits.
“Finding a copper asset is like trying to find a needle in a haystack,” he said, arguing that Namibia is well positioned to benefit from the increasing global demand for critical minerals.
