Sibanye Stillwater Settles for $215 Million in Abandoned Brazilian Mines Deal

Sibanye Stillwater and Appian Capital Advisory have reached a $215 million settlement after the South African miner backed out of a $1.2 billion agreement to purchase Brazilian nickel and copper mines from Appian. The settlement was revealed just before court proceedings to address compensation for the failed deal.

Sibanye Stillwater and Appian Capital Advisory have finalized a $215 million settlement after the South African miner terminated a $1.2 billion contract to acquire Brazilian nickel and copper mines from the investment firm. The companies disclosed this on Monday.

Following the announcement, Sibanye's stock price increased by more than 5% on the Johannesburg Stock Exchange, paralleling the rise of other gold and platinum miners fueled by higher metal prices. London's High Court had earlier ruled in October 2024 that Sibanye should compensate Appian for the broken agreement.

The settlement was made public just ahead of a scheduled court proceeding to ascertain the monetary award. Richard Stewart, Sibanye's CEO, expressed satisfaction with the commercial settlement that eliminates further legal processes and costs, providing certainty for stakeholders. Appian's founder and CEO, Michael W. Scherb, viewed the agreement as a constructive resolution, allowing Appian to focus on managing its funds and fostering growth.

(With inputs from agencies.)