Appian targets $2bn for African mining investments despite policy concerns

Appian Capital Advisory, a mining-focused private equity firm based in London, plans to invest approximately $2bn in Africa over the next 12 to 24 months, according to a Reuters report. The commitment comes as growing regulatory uncertainty leads the firm to direct more of its capital toward Latin America. Appian expects to deploy between $5bn and $7bn globally over the same period, with Africa reportedly representing roughly one-third of planned investments.

The firm currently holds three active investments on the continent and has exited three others, including projects in Burkina Faso and Tanzania, amid political instability. Appian CEO Michael Scherb told Reuters that changes to mining regulations, higher royalties and increased state participation are undermining investor confidence in several African markets.

Despite these concerns, Appian views Morocco, Namibia and Botswana as attractive destinations and is also evaluating opportunities in Ghana, Ivory Coast, Mauritania and Senegal. The firm invests across gold, copper, zinc, rare earths and other critical minerals. Scherb is particularly optimistic about copper demand, which he attributes to electrification, artificial intelligence, data centres and power-grid expansion.

Scherb said greater regulatory predictability and streamlined permitting could help African countries capture a larger share of global mining investment, positioning the firm's Africa allocation as contingent on policy direction in the region.