Sibanye Stillwater, a South African mining company, has been ordered by London’s High Court to pay damages to Appian Capital Advisory following the termination of a $1.2 billion deal for the acquisition of Brazilian nickel and copper mines. Key details include:
The court ruled that Sibanye was obligated to complete the purchase of the Santa Rita and Serrote mines and had no valid grounds for cancellation.
Following the ruling, Sibanye’s shares fell by 7.1%.
Appian plans to recover losses in full, including significant interest since the deal’s cancellation in January 2022.
A hearing to determine the compensation amount is scheduled for November 2025.
Sibanye cited geotechnical instability at the Santa Rita mine as the reason for abandoning the deal three months after it was announced.