Appian Capital Advisory bought the Santa Rita nickel mine out of bankruptcy for $68 million and the Serrote copper-gold project for $40 million in 2018. The previous owners of the Santa Rita had already spent $1 billion building the mine.

Last week, the London-HQ company sold the two Brazilian properties for $1.065 billion.

The transaction is a prime example of what Michael Scherb, Appian founder and CEO, told MINING.COM in 2018 is the firm’s investment philosophy:

“Mining is the perfect industry for applying long-term value investing principles because it’s so cyclical, and you let the industry create the entry and exit windows for you through its volatility and irrationality.”

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