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Appian seeks investors to dig deep and back mining sector

A London-based private equity fund aims to raise up to $1.2bn (?1bn) to provide long-term backing to small-scale mines around the world.
Appian Capital, led by former JP Morgan banker Michael Scherb, is sounding out investors for its second fund, with a view to striking around six to eight separate deals at a value of $100m-$150m each.
The company launched its first fund in 2014, spending $375m on investing in eight projects worldwide. Five of these are now producing mines, and it has already sold two assets.
Appian seeks investors to dig deep and back mining sector

Michael Scherb is a former JP Morgan banker
Mr Scherb said the traditional funding model of the mining sector was “effectively broken” as typical investors were too short-termist, not having the patience to sit through the development...
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