London-based mining private equity firm Appian Capital Advisory is targeting approximately $2bn in African mining investments over the next 12–24 months, although Chief Executive Michael Scherb said regulatory uncertainty was shifting investment towards Latin America.

Appian expects to deploy $5bn–$7bn globally during the period, Scherb told Reuters in an interview published on October 28. No project-level investment commitments were disclosed.

The firm has three active investments in Africa and has exited three others, including projects in Burkina Faso and Tanzania, against the backdrop of a coup and an election crisis, respectively. It has four active investments in Latin America, mainly in Brazil.

Scherb identified Morocco, Namibia and Botswana as particularly attractive African mining jurisdictions, while Appian is evaluating opportunities in Ghana, Côte d’Ivoire, Mauritania and Senegal.

African governments have revised mining legislation, raised royalties and sought greater local participation to capture more mineral revenue. Scherb warned that unpredictable changes to regulations and fiscal terms could discourage investment, making Latin American jurisdictions comparatively attractive.

“The geology doesn’t change, but government policy does,” Scherb told Reuters. He warned that unpredictable policy changes could prompt mining investors to redirect capital elsewhere, despite the costs of withdrawing from existing projects.

Appian invests in gold, copper, zinc, rare earths and other critical minerals. Scherb said he remained particularly optimistic about copper, expecting supply growth to struggle to match demand from electrification, artificial intelligence, data centres and electricity-grid expansion.