• Appian Capital Advisory announced a $1 billion fund backed by the International Finance Corporation (IFC) to invest in critical minerals projects, with a focus on Africa.

• The fund will finance mining projects at all stages — from construction to expansion — and marks the first mining vehicle dedicated exclusively to emerging markets.

• Africa holds 30% of global critical mineral reserves, including rare earths, cobalt, lithium, graphite, and copper, making it a key target for energy transition investments.

London-based Appian Capital Advisory announced on October 21 the creation of a $1 billion investment fund to finance critical minerals projects in emerging markets, with a particular focus on Africa. The fund, established in partnership with the International Finance Corporation (IFC), aims to support projects essential to the global energy transition.

According to the company’s statement, this initiative represents the first mining-focused vehicle designed exclusively for emerging markets. It will finance projects at every stage, including construction, production, and expansion.

The IFC has already committed an initial $100 million to the fund, while the remainder will be raised under the supervision of IFC Management Company. Appian will manage the fund, deploying capital through equity, credit, or mining royalty investments.

Appian said its first investment will target the Santa Rita nickel mine in Brazil, underscoring the fund’s dual focus on Africa and Latin America. While no African projects have yet been announced, the company’s emphasis on the continent aligns with its growing importance in global mineral supply chains.

The International Energy Agency (IEA) estimates that Africa hosts about 30% of the world’s critical mineral reserves, including rare earths, cobalt, lithium, graphite, and copper—all vital for producing electric vehicles, wind turbines, and other clean energy technologies.

Appian already has a track record in Africa, having invested C$175 million (about $125 million) in Asante Gold’s operations in Ghana. The new fund could expand that footprint significantly as global demand for critical minerals accelerates.

Africa’s resource potential continues to draw investor attention as countries seek to attract capital for large-scale mining developments. Several major projects on the continent are currently seeking funding, including Lifezone Metals’ $942 million Kabanga nickel project in Tanzania and Atlantic Lithium’s Ewoyaa lithium project in Ghana, developed in partnership with Piedmont Lithium.

Analysts say Appian’s entry could boost financing availability for such ventures and deepen private sector participation in Africa’s energy transition value chains. However, it remains too early to measure the fund’s direct impact on the continent’s mining sector.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum