Appian IFC critical minerals fund targets energy transition metals

Appian & IFC

Focus keyphrases: Appian IFC critical minerals fund, critical minerals investment, Atlantic Nickel Santa Rita, Africa Latin America mining

The Appian IFC critical minerals fund will channel $1bn into projects across Africa and Latin America. The new Appian IFC critical minerals fund targets metals essential for the energy transition and digital technologies. It begins with an anchor investment in Atlantic Nickel’s Santa Rita nickel-copper-cobalt project in Brazil.

Appian IFC critical minerals fund backs high-impact emerging market projects

The Appian IFC critical minerals fund combines private equity discipline with development finance mandates. The IFC will commit an initial $100mn, investing on the same terms as other investors but under its internal performance standards. This structure should attract additional institutional capital into higher-risk jurisdictions.

The fund will finance projects across all stages, from late exploration to expansion and infrastructure build-out. As a result, it can plug funding gaps that often delay critical minerals projects in frontier markets. The geographic focus on Africa and Latin America aligns with global efforts to diversify supply chains away from single-country dependence.

Atlantic Nickel’s Santa Rita project anchors long-life nickel supply

Santa Rita will anchor the Appian IFC critical minerals fund as its first major investment. The Brazilian mine, located in Bahia state, is planned as a long-life underground operation. Infrastructure and underground development are scheduled to start in early 2026.

Once in production from 2028, Santa Rita is expected to produce 30,000–35,000 t/yr of nickel for 34 years. The operation will also yield copper and cobalt, strengthening its strategic relevance for battery and grid technologies. By de-risking this asset, the fund supports future Class I nickel supply at a time of volatile project pipelines.

The Metalnomist Commentary

This fund illustrates how blended private and development capital is becoming central to critical minerals financing. If execution matches ambition, Santa Rita could become a template for bankable, ESG-aligned projects in higher-risk regions. The real test will be whether similar structures can scale across a broader portfolio without sacrificing returns or standards.