Sibanye Stillwater Settles $215M Dispute Over Terminated Brazilian Mines Deal

Sibanye Stillwater and Appian Capital Advisory reached a $215 million settlement over Sibanye's termination of a $1.2 billion deal to buy Appian's Brazilian mines. The settlement was announced before London's High Court was set to determine a monetary award, providing certainty for both parties involved.

Sibanye Stillwater and Appian Capital Advisory have agreed on a $215 million settlement regarding the South African miner's withdrawal from a $1.2 billion acquisition deal for Appian's Brazilian nickel and copper operations, the companies stated on Monday.

In October 2024, London's High Court had ordered Sibanye to compensate Appian for the aborted transaction. The companies announced the settlement a day before the court proceedings that would have decided the financial compensation, as per their joint statement.

Sibanye CEO Richard Stewart expressed satisfaction with the outcome, highlighting that the agreement avoids additional legal expenses and brings certainty for both the miner and its stakeholders. The settlement resolves Appian's compensation claims following Sibanye's cancellation of a deal to purchase the Santa Rita and Serrote mines in Brazil, a decision made in January 2022.

(With inputs from agencies.)