Baiyin Nonferrous Acquires Brazil’s MVV Copper Asset from Appian

Mineracao Vale Verde (MVV)

Baiyin Strengthens Global Copper Portfolio with Serrote Acquisition

China’s Baiyin Nonferrous has acquired Mineracao Vale Verde (MVV) in Brazil for $420mn from Appian Capital Advisory. MVV owns the Serrote copper and gold mine, a greenfield project in Alagoas, which began production in May 2021. In 2024, MVV produced 18,300 tonnes of copper, solidifying its status as a strategic mid-tier producer.

Failed Bids Marked the Asset’s Path Before Baiyin’s Success

South African mining firm Sibanye Stillwater initially agreed to purchase MVV in 2021 but withdrew in early 2022. Another buyer, ACG Acquisition, a London-listed SPAC, attempted a deal in 2023, which also fell through. Appian ultimately found a reliable buyer in Baiyin, a Chinese state-owned firm eager to secure critical metals abroad.

China Expands Its Mining Footprint in Latin America

Baiyin’s purchase of MVV continues China’s trend of securing base metal assets in resource-rich Latin America. As global demand for copper rises, Chinese firms are accelerating M&A activity to support domestic energy transition goals. Meanwhile, Appian’s exit signals a rebalancing of private equity portfolios amid shifting global mining dynamics.

The Metalnomist Commentary

Baiyin Nonferrous’ acquisition of MVV highlights the strategic pivot by Chinese state firms toward overseas copper consolidation. With failed bids behind it, Serrote now enters a new chapter under a well-capitalized buyer. As the global energy transition intensifies, these transactions will become more frequent, reshaping ownership in key mineral corridors like South America.