London-based private equity group Appian Capital Advisory has sold Mineracao Vale Verde (MVV) in Brazil to China's state-owned metals producer Baiyin Nonferrous for $420mn.
MVV owns the Serrote greenfield open-pit copper and gold asset in Alagoa, Brazil, and began production in May 2021. MVV produced 18,300t of copper in 2024.
South African mining group Sibanye Stillwater agreed to buy MVV in October 2021, but backed out in January 2022.
London-listed special-purpose acquisition company ACG Acquisition also tried to buy the asset, but the deal collapsed in June 2023.
