Appian invests in metals and mining assets with operations and portfolio companies in Latin America, North America, Australia and Africa.[16] The firm has supported 12 mines reaching production since 2016.[4]
In 2018, Appian acquired Mineração Vale Verde (MVV), the operator of the Serrote copper-gold mine in Brazil, from Aura Minerals.[17] That same year, the firm acquired Atlantic Nickel (formerly Mirabela Nickel), a Brazilian nickel mining company, out of bankruptcy proceedings.[18][19]
In 2021, Appian agreed to sell both the MVV and Atlantic Nickel assets to Sibanye-Stillwater in a deal valued at approximately US$1.2 billion.[17][20][21] Sibanye-Stillwater terminated the acquisition in January 2022, citing concerns related to a geotechnical event, which Appian challenged through legal proceedings.[22][23][20]
In October 2024, the England and Wales High Court ruled that Sibanye-Stillwater had unlawfully terminated the agreement and was liable to pay damages to Appian.[24][25][23] In November 2025, Sibanye-Stillwater agreed to pay Appian a settlement of US$215 million to resolve the dispute out of court.[26][27][20]
Appian has invested R$350 million in Graphcoa, a natural graphite producer with nine projects in the states of Bahia and Minas Gerais in Brazil.[28]
In June 2020, Appian invested $144m in Gippsland Critical Minerals' Fingerboards mineral sands project in East Gippsland, Victoria.[29][30][31]
In April 2023, Osisko Metals and Appian agreed to a four-year partnership to advance exploration, feasibility studies, and regulatory work at the Pine Point Mine in the Northwest Territories, Canada.[2][32] Appian acquired a 60% interest in the project as part of the arrangement.[32] In February 2024, Appian acquired an additional 5% stake in the Pine Point project from Osisko Metals.[33]
In June 2023, Appian acquired an 89.96% stake in the Rosh Pinah zinc mine in Namibia from Trevali Mining Corporation.[34][35]
In December 2023, Appian provided a US$230 million financing package to battery metals producer US Strategic Metals (USSM) to support the development of a cobalt-nickel mine and a hydrometallurgical recycling facility in Missouri.[36]
In October 2023, Appian invested in Urbix and signed a joint development agreement to build a commercial graphite processing facility.[37] In September 2024, Urbix was selected to receive a US$125 million grant from the United States Department of Energy's Manufacturing and Energy Supply Chains programme. The company has recently rebranded to Allied Graphite.[38]
In November 2023, Appian acquired a package of mineral sands assets from Illuka Resources through its majority-owned subsidiary Atlantic Strategic Minerals (ASM).[39] Atlantic Strategic Minerals began commercial production at its mining and mineral processing operations in Virginia in 2025.[40] ASM is considering building a rare earths processing plant at its Stoney Creek, Virginia, operations to support domestic production of critical materials in the United States.[41]