Appian begins legal proceedings in $1.2 bln claim against Sibanye-Stillwater

London-based investment firm Appian Capital Advisory's $1.2 billion compensation claim proceedings against South Africa's Sibanye-Stillwater for the termination of two mine deals have started in a UK court, the miner announced on Monday. Appian is seeking compensation after Sibanye pulled out of a deal to acquire two mines in Brazil in January 2022.

London-based investment firm Appian Capital Advisory's $1.2 billion compensation claim proceedings against South Africa's Sibanye-Stillwater for the termination of two mine deals have started in a UK court, the miner announced on Monday. Appian is seeking compensation after Sibanye pulled out of a deal to acquire two mines in Brazil in January 2022. Sibanye said it had received formal notification of Appian's legal action on May 27.

"The claim commences legal proceedings before the High Court of England and Wales (Commercial Court) against the group following termination of the share purchase agreements it had concluded with Appian for the acquisition of the Santa Rita and Serrote mines in Brazil," Sibanye said, adding that it would defend itself against the claim.