(Reuters) – Sibanye Stillwater and Appian Capital Advisory reached a US$215 million agreement (R$1.140 billion, at today’s exchange rate) on the termination, by the South African mining company, of a US$1.2 billion agreement to buy Brazilian nickel and copper mines from the investment company, the companies reported on Monday.
The High Court of London ordered in October 2024 that Sibanye compensate Appian for the failed deal.
The settlement was announced a day before court proceedings to determine the amount of compensation, the companies said in a joint statement.
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“We are pleased with the commercial agreement reached, which avoids further legal proceedings and related costs, and provides certainty for the group and its stakeholders,” Sibanye CEO Richard Stewart said in the statement.
Appian founder and CEO Michael W. Scherb said the two parties had reached a ‘constructive resolution’.
“This positive outcome allows us to close this matter on appropriate terms and focus all of our attention on managing our funds and driving the continued growth of our portfolio,” Scherb said.
London-based Appian has filed a compensation claim against Sibanye after the Johannesburg-based precious metals producer canceled a deal to buy the Santa Rita and Serrote mines in Brazil in January 2022.
(Reporting by Nelson Banya)
