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Sibanye liable to pay damages in failed $1.2bn Brazilian mines deal

By Felix Njini and Clara Denina

10 Oct 2024

Investment firm Appian Capital Advisory said a High Court in London has ruled that Sibanye Stillwater must compensate it for losses which arose after the South African miner terminated a $1.2bn deal to buy its Brazilian nickel and copper mines.

A logo of Sibanye Stillwater is seen at a mine in Marikana, outside Rustenburg, northwest of Johannesburg, South Africa, 14 March 2024. Reuters/Siphiwe Sibeko/File Photo

A hearing to deal with the amount of compensation will take place in November 2025, Appian said in a statement. The advisory firm lodged the case against Sibanye seeking compensation after the Johannesburg-based precious metals producer cancelled a deal to acquire Santa Rita and Serrote mines in Brazil in January 2022.

Sibanye confirmed in a separate statement that a trial to determine potential damages it may be required to pay to Appian would be held in November next year.

Judge Christopher Butcher ruled that Sibanye was "under an obligation to close" the deal to acquire the nickel and copper mines and had no grounds to terminate the purchase.

Appian said it would seek to recover losses from the failed deal "in full, including the significant interest that would have accrued since January 2022."

Source: Reuters

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