Carey Olsen advises Appian Capital on US$170 million sale of royalty and silver stream mining assets to Versamet

Carey Olsen has advised private equity investment adviser Appian Capital Advisory ("Appian") on the US$170 million sale of polymetallic royalty in Atlantic Nickel assets and silver stream interest in Rosh Pinah Zinc to metals royalty and streaming company Versamet Royalties Corporation.

Appian has sold a 2.75% net smelter return royalty on Atlantic Nickel's Santa Rita polymetallic mine in Brazil and a silver stream on Rosh Pinah Zinc's mine in Nambia for an upfront cash consideration of US$125 million, with an additional US$45 million to be paid upon contingent milestones being met by 1 July 2035.

Both assets, which are majority owned by Appian, are currently advancing expansion projects aimed at optimising and extending mine production. Atlantic Nickel's Santa Rita mine is transitioning from open-pit to underground mining, which is expected to extend its life to more than 20 years and deliver a higher production rate and lower cost structure. Rosh Pinah Zinc's expansion project comprises further development of the underground mine and the construction of new surface facilities.

The Carey Olsen Jersey team advising on the transaction comprised partner Robert Milner, counsel Arindam Madhuryya, associate Thomas Bulfin and trainee Cameron Keys. Appian is a long-standing client of Carey Olsen, with the firm having most recently advised on the sale of its US$420 million Brazilian copper mine Mineração Vale Verde and the closing of its third mining fund at US$2.06 billion.

Arindam Madhuryya commented: "This transaction demonstrates Appian's ability to unlock long-term value for investors. We are delighted to be able to advise Appian as it expands its strong investment portfolio and builds on its excellent reputation within the mining and natural resources sector."

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