The former head of Anglo American in Brazil, Paulo Castellari, has joined Appian Capital to head up the investment advisory firm’s Brazilian business, which includes an advanced stage greenfield copper/gold project.

The dual Brazilian and Italian national, who speaks four languages and holds an MBA from London Business School, previously headed Anglo American’s iron-ore operations in Brazil and also looked after the company’s niobium and phosphates businesses in the South American country.

Appian founder and CEO Michael Scherb said on Thursday that Castellari’s operational and management expertise, coupled with his deep understanding of Brazil, positioned him ideally to bring the organisation’s two key projects to production.

Appian owns Mineração Vale Verde, which is developing the Serrote copper/gold project in Alagoas, and Atlantic Nickel, which is restarting the Santa Rita nickel/copper/cobalt/sulphide operation in Bahia.

The group also announced the results of its definitive feasibility study (DFS) for the Serrote project, which Scherb said was “robust” and created “significant value”.

The DFS estimates that Serrote will require $250-million in capital for a conventional, low strip openpit operation that will supply a 4.1-million-tonne-a-year plant, producing 20 000 t/y of copper equivalent over 14 years.

Serrote has mineral reserves of 52.65-million tonnes, grading 0.6% copper and 0.1 g/t gold.

“The DFS is a great illustration of how Appian adds value to its assets by optimising project capital and operating plans to deliver superior returns and I look forward to working on the next phase of Serrote’s development,” Castellari said.

Resources outside the current mine plan and nearby satellite deposits could support mine expansion or life extension, creating further value.

Serrote’s start date is targeted for the first half of 2021, and already has a mandate agreement to the value of about $160-million in place with a senior bank project financing facility.

Early construction works are under way and so is the procurement of long lead time items.