The Santa Rita nickel-copper-cobalt mine in northeastern Brazil has been selected as the first investment under a new $1 billion fund launched by Appian Capital Advisory and the International Finance Corporation (IFC), aimed at supporting critical minerals projects in emerging markets.
The fund, announced on Monday (21 October 2025), will provide financing for the underground expansion of the Santa Rita operation, located in the state of Bahia. Once fully developed, the project is expected to produce around 30,000 tonnes of nickel equivalent per year, with an estimated mine life exceeding 30 years.
Santa Rita, wholly owned by Atlantic Nickel, a subsidiary of Appian, produces nickel, copper, and cobalt, materials essential to the energy transition and digital technologies. The IFC is investing on equal terms with other backers, under conditions set following independent assessments conducted by Citi and Standard Chartered.
The initiative forms part of a broader strategy to accelerate the responsible development of mining assets across Latin America and Africa. All investments made through the fund will be required to meet IFC’s environmental, social, and governance (ESG) performance standards.
The move to underground mining marks a key milestone for Santa Rita, enabling a longer operational life and improved efficiency. The project will also benefit from Appian’s technical and financial expertise, combined with the IFC’s support in sustainability and community development.
By selecting Santa Rita as its inaugural investment, the fund underscores Brazil’s growing role as a strategic supplier of critical minerals, particularly nickel, which is vital for electric vehicle batteries and other clean technology applications.
The $1 billion vehicle is anchored by an initial $100 million contribution from the IFC, with additional capital to be mobilized by the IFC Asset Management Company. Managed by Appian, the fund will co-invest alongside existing and future Appian vehicles in equity, credit, and royalty opportunities within the mining sector.
This marks the first time the IFC has established a dedicated mining fund for emerging markets in partnership with a private equity firm specializing in natural resources, an initiative that could reshape how sustainable mining projects are financed globally.
The collaboration between Appian and the IFC builds on a decade-long relationship that has included successful investments in rare earth and gold projects in Africa, resulting in the construction and operation of multiple producing mines.
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