Key Takeaways
- • Appian Capital Advisory appoints Paulo Castellari as CEO of Critical Minerals, leveraging 30+ years of mining and metals experience across the Americas, Europe, and Africa to scale the firm's critical minerals portfolio.
- • Castellari brings proven operational track record, including prior CEO roles at Eramet, Anglo American, and Emirates Global Aluminium, plus six years leading Appian Capital Brazil where he brought Atlantic Nickel, Mineração Vale Verde copper, and Graphcoa graphite projects into production.
- • Appointment strengthens Appian's investor-operator model as the firm scales investments in graphite, mineral sands, and rare earths—commodities critical for energy security, electric vehicle batteries, renewable energy, and digital infrastructure.
- • Appian manages approximately $5 billion in assets and in October 2025 launched a $1 billion fund with the World Bank's International Finance Corporation to invest in critical minerals projects across Africa and Latin America, targeting nickel, copper, cobalt, and rare earths.
- • Castellari's appointment reflects intensifying competition for access to battery metals and rare earths essential for the energy transition, with the firm positioning itself to evaluate and develop new opportunities across the critical minerals sector.
Summary
Appian Capital Advisory, a mining-focused private equity firm managing approximately $5 billion in assets, has appointed Paulo Castellari as CEO of Critical Minerals, effective April 2026. The appointment underscores Appian's strategic commitment to scaling its critical minerals portfolio as global demand accelerates for commodities essential to energy transition and digital infrastructure development.
Castellari brings substantial operational experience to the role, with over 30 years in mining and metals projects spanning the Americas, Europe, and Africa. His executive background includes CEO positions at Eramet, Anglo American, and Emirates Global Aluminium. Most recently, he departed Eramet in February 2026 after a brief tenure, citing disagreements on operating methods. Prior to his Eramet appointment, Castellari served as CEO of Appian Capital Brazil from 2019 to 2025, where he successfully brought multiple projects into production, including the restart of Atlantic Nickel and the development of Mineração Vale Verde copper and Graphcoa graphite operations.
In his new role, Castellari will oversee Appian's existing critical minerals investments across graphite, mineral sands, and rare earths, while leading the sourcing and evaluation of new opportunities in the sector. His mandate aligns with Appian's stated focus on commodities critical for energy security, key industries, and emerging technologies—positioning the firm to capitalize on intensifying competition for access to battery metals and rare earths required for electric vehicles, renewable energy systems, and digital infrastructure.
The appointment follows Appian's October 2025 launch of a $1 billion critical minerals fund in partnership with the International Finance Corporation (IFC), the World Bank's private sector arm. The fund, anchored by a $100 million IFC commitment, is structured to invest alongside Appian's existing and successor funds in critical minerals projects across Africa and Latin America, with primary focus on nickel, copper, cobalt, and rare earths. Michael Scherb, Appian founder and CEO, stated that Castellari's experience would be pivotal in advancing the firm's projects and unlocking long-term value for investors and partners.
Castellari brings substantial operational experience to the role, with over 30 years in mining and metals projects spanning the Americas, Europe, and Africa. His executive background includes CEO positions at Eramet, Anglo American, and Emirates Global Aluminium. Most recently, he departed Eramet in February 2026 after a brief tenure, citing disagreements on operating methods. Prior to his Eramet appointment, Castellari served as CEO of Appian Capital Brazil from 2019 to 2025, where he successfully brought multiple projects into production, including the restart of Atlantic Nickel and the development of Mineração Vale Verde copper and Graphcoa graphite operations.
In his new role, Castellari will oversee Appian's existing critical minerals investments across graphite, mineral sands, and rare earths, while leading the sourcing and evaluation of new opportunities in the sector. His mandate aligns with Appian's stated focus on commodities critical for energy security, key industries, and emerging technologies—positioning the firm to capitalize on intensifying competition for access to battery metals and rare earths required for electric vehicles, renewable energy systems, and digital infrastructure.
The appointment follows Appian's October 2025 launch of a $1 billion critical minerals fund in partnership with the International Finance Corporation (IFC), the World Bank's private sector arm. The fund, anchored by a $100 million IFC commitment, is structured to invest alongside Appian's existing and successor funds in critical minerals projects across Africa and Latin America, with primary focus on nickel, copper, cobalt, and rare earths. Michael Scherb, Appian founder and CEO, stated that Castellari's experience would be pivotal in advancing the firm's projects and unlocking long-term value for investors and partners.
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