Carey Olsen has acted for private equity investment adviser Appian Capital Advisory on the sale by Appian Natural Resources Funds I and II of Mineração Vale Verde to China-based Baiyin Nonferrous Group.
The sale of Mineração Vale Verde (MVV) to Baiyin in this all-cash transaction marks Appian’s 13th successful exit from a project, reinforcing its strength in identifying, acquiring and optimising undervalued mining projects.
Acquired by Appian in 2018 with just ten employees, MVV began production in May 2021 and has since demonstrated stable operations, a strong financial performance and a leading safety track record, with over 1,050 people working on site. Last year, the mine produced 18.3kt of copper and 8.2koz of gold generating an EBITDA of US$83.9 million from US$184.4 million of revenue. In the US$420 million sale to Baiyin, Appian has generated significant value for investors.
The Carey Olsen Jersey corporate team comprising partner Robert Milner (pictured), counsel Arindam Madhuryya, and associate Thomas Bulfin, advised Appian on all Jersey corporate, regulatory and financing aspects of this transaction.
Robert Milner commented: “We are pleased to have advised long-standing client Appian on this significant transaction, which is indicative of Appian’s strong investment portfolio and potential for further growth in the natural resources industry. Advising both Fund I and Fund II, which are at different stages of their maturity, made this transaction particularly interesting. Having acted on the establishment of both Fund I and Fund II, we have a very good knowledge of the structure, which helped in advising on the corporate and financing aspects of this transaction.”
