Appian Natural Resources Fund III LP and Appian Natural Resources (UST) Fund III LP have emerged as winning bidders for Trevali Mining Corporation’s 90%-interest in Rosh Pinah Mine.
The transaction, which is expected to close in the first quarter of 2023, is subject to regulatory approval from the Ministry of Mines and Energy, exchange control approval from the Bank of Namibia, the Namibia Competition Commission and approval from the British Columbia Supreme Court.
The deal comes after Trevali was granted a sales and investment solicitation process (SISP) order by the British Columbia Supreme Court to dispose of its controlling 90% stake in the Namibia mine.
Appian Natural Resources Funds are long-term value-focused private equity funds that invest solely in mining and mining-related companies, advised by Appian Capital Advisory LLP, while Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa with a global operating portfolio overseeing nearly 5,000 employees.
National Bank Financial acted as financial advisor to Trevali in relation to the transaction.
The miner in August placed the expansion of Rosh Pinah mine on hold after it filed for protection from its creditors after suffering several setbacks in its operations.
Rosh Pinah Mine was acquired in 2017 as part of a portfolio of zinc assets from Glencore PLC.
Trevali is a Vancouver-based mining company, whose bulk of its revenue was previously generated from base metals mining at the 90%-owned Perkoa Mine, the 90%-owned Rosh Pinah Mine, and the wholly-owned Caribou zinc-lead-silver mine in New Brunswick. Trevali also owns the Halfmile and Stratmat properties as well as the Restigouche deposit in New Brunswick. The portfolio includes the Ruttan mine in northern Manitoba. As well, Trevali owns an effective 44% interest in the Gergarub project in Namibia.
