Appian Capital Advisory has acquired Omico Copper in a deal that gives the mining investment group a 95% controlling equity interest in the Omitiomire Copper Project, with approximately US$400 million planned for the asset’s development.
The acquisition marks a major expansion of Appian’s footprint in Namibia’s mining sector, following the company’s acquisition of the Rosh Pinah mine, Namibia’s only operating zinc mine.
Appian said the transaction was completed through Appian Omega Bidco Limited, which will assume control of Craton Mining and Exploration, the company established to develop the Omitiomire project.
Located about 140 kilometres northeast of Windhoek in the Otjozondjupa Region, the Omitiomire Copper Project is regarded as one of Namibia’s most advanced undeveloped copper assets.
The investment firm described the acquisition as a strategic Namibia buyout that aligns with growing global demand for copper, driven by renewable energy infrastructure, electric vehicles, battery systems and electricity transmission networks.
The transaction further expands Appian’s presence in Namibia, following the company’s acquisition of a 89.96% stake in the Rosh Pinah Zinc Mine.
Omitiomire has undergone years of exploration, drilling and technical studies aimed at developing a future copper mining operation in Namibia.
Previous feasibility work on the project outlined plans for an open-pit mine using heap leach and solvent extraction-electrowinning processing technology to produce copper cathode.
Project studies conducted before the acquisition estimated average annual production of approximately 26,800 tonnes of copper cathode over a projected mine life of about 15 years.
The deposit has previously been estimated to contain more than 100 million tonnes of ore grading around 0.51% copper.
Copper has become one of the world’s most sought-after industrial metals as countries accelerate investment into cleaner energy systems and electrification infrastructure, prompting mining companies and investment funds to intensify competition for long-term copper supply.
The Omitiomire project has a long exploration history dating back to the 1970s. It is increasingly viewed as a potentially important future contributor to Namibia’s mining sector as international investment into critical minerals accelerates.
