Sibanye Stillwater is facing a $522-million compensation claim from investment firm Appian Capital Advisory over the termination of a $1.2-billion deal to buy Appian’s Brazilian nickel and copper mines, the South African miner said on Monday.
London’s High Court last week ordered Sibanye to compensate Appian for the failed deal and said the damages would be determined at a hearing in November 2025.
“Appian currently claims damages of up to $522-million,” Sibanye spokesperson James Wellsted told Reuters. “Sibanye’s case is therefore that Appian is entitled to either no or significantly reduced damages.”
A spokesperson for Appian declined to comment.
Sibanye announced in October 2021 the deal to buy the mines that are owned by affiliates of funds advised by Appian, in what was to become its biggest foray into battery mineral