Arial view of ASM’s Mineral Separation Plant in Virginia
PETERSBURG, Va., June 26, 2025 (GLOBE NEWSWIRE) — Atlantic Strategic Minerals (“ASM”), a U.S. critical minerals producer, celebrates commercial production at its commissioned mining and mineral processing facilities in Virginia.
Highlights
- ASM is producing critical minerals, Ilmenite and Zircon, vital for the U.S. industrial value chain
- The project comprises high-grade mining assets and processing facilities, including a Concentrator Plant and the largest Mineral Separation Plant in North America
- ASM is advancing plans to produce Monazite, an important mineral feedstock used in the production of rare earth oxides
- ASM is majority owned by Appian Capital Advisory and its Virginia operations represent the 12th mining project that Appian has brought into production since 2016
ASM’s opening of its Virginia mining and processing facilities marks a significant milestone for U.S. economic security with the production of critical minerals, Ilmenite (a feedstock for Titanium and pigment industries) and Zircon, essential resources for industries ranging from consumer goods to advanced manufacturing and defense. Titanium and Zirconium have been designated by the U.S. Government as critical minerals with domestic industries currently heavily relying on international imports to meet demand.
ASM now represents one of only two companies operating heavy mineral sands mines and processing facilities in the U.S. The Virginia project’s Mineral Separation Plant is the largest in North America and offers capacity to process domestic and imported critical minerals – building more secure U.S. supply chains. ASM has already delivered its first shipments of Ilmenite and Zircon, as part of long-term offtake agreements, to U.S. industrial customers.
In the next phase of development at its Virginia operations, ASM intends to produce monazite, a key mineral feedstock used in the production of rare earth oxides. Studies indicate that ASM’s monazite has significant concentrations of praseodymium (Pr) and neodymium (Nd), key materials for magnets used in electric vehicles (EVs), wind turbines and defense applications. With China currently processing approximately 90% of rare earths, the project’s monazite production has the potential to significantly diversify and strengthen the U.S.’ critical supply chains.
ASM is majority owned by Appian Capital Advisory LLP (“Appian”), a leading global private equity firm in metals and mining. ASM acquired the idled Virginia assets from Iluka Resources in October 2023. Appian and ASM optimized the project with the refurbishment of the Concentrator Plant and the construction of infrastructure to fully integrate operations. It is the 12th mining project that Appian has brought into production since 2016, which is more than the five largest global mining companies combined in the same period.
Historical and current investment in the project and its related facilities exceeds US$200 million, including initial construction and the recent refurbishment. ASM’s restart has created over 100 skilled jobs in Virginia and the planned development of monazite processing capabilities will bring further investment, jobs and upskilling into the State. The project also uses an environmentally friendly progressive rehabilitation mining technique. This involves mining in stages on strips of land and backfilling and rehabilitating the land so that it can be returned to landowners after operations are complete.
ASM will celebrate the landmark occasion at a ribbon cutting ceremony today, which will be attended by community partners and representatives from various agencies and organizations from the local Counties, Virginia State, and U.S. Government.
Chris Wyatt, CEO of ASM, commented:
“We are proud to officially commence production in Virginia, a project that not only strengthens the domestic supply of critical minerals but also plays a vital role in bolstering US economic and national security. It is a case study of how to responsibly and successfully bring a strategically important project into production, while also ensuring lasting benefits to local communities. ASM is committed to building our capacity and capabilities to further support critical minerals and rare earths supply chain resilience in the U.S.”
Michael W. Scherb, Founder and CEO of Appian, commented:
“This is an important milestone, demonstrating how Appian’s technical, operational and financial expertise helps projects realize their potential and build value for stakeholders. ASM’s high-quality mineral deposits and processing facilities have decades of opportunities for growth and expansion, which will be crucial for the future of clean energy, industrial and defense technologies in the U.S. The project underlines the strategic alignment of Appian’s portfolio to core global thematics.”
For further information:
Atlantic Strategic Minerals
Craig Hairfield, Executive Director: +1 804 905 9027 / craig.hairfield@asm-mining.com
Susan Gaston, Public Affairs consultant: +1 757-871-1445 / susan@gastongroup.com
About Atlantic Strategic Minerals
Atlantic Strategic Minerals is an emerging critical minerals producer, focused on expanding its US-based mining and mineral processing infrastructure to further rebuild USA domestic supply chains of critical minerals.
Appian Capital Advisory
Andrew Todd, Head of Communications: +44 7990416759 / atodd@appiancapitaladvisory.com
+44 (0)20 7004 0951 / info@appiancapitaladvisory.com
About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing nearly 5,000 employees.
Appian has a global team of 88 experienced investment professionals, combining financial and technical expertise, with presences in London, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a69205e2-7f93-4993-aabe-91d86454a1ac
