Precious metals giant Sibanye-Stillwater is liable to compensate Appian Capital Advisory for cancelling a $1.2bn (R21.1bn) deal to buy two mines in Brazil, according to an English high court ruling handed down on Thursday.
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London-based investment adviser Appian, filed a claim with the court in a bid to recover its losses after Sibanye walked away from the sale and purchase agreements for the Santa Rita nickel and Serrote copper mines in Brazil in 2022.
Appian said on Thursday that the ruling vindicates its claim that Sibanye unlawfully breached two sale and purchase agreements for its acquisition of Brazilian mining companies Atlantic Nickel and Mineração Vale Verde.
“Today’s ruling dictates that Sibanye is liable to compensate Appian for all of the damages which resulted from Sibanye’s unlawful termination of the $1.2bn transaction. Appian will seek to recover these losses in full, including the significant interest that would have accrued since January 2022,” Appian said in a statement.
It said the hearing to deal with the quantum of these damages will take place in November 2025.
“If Sibanye cannot pay in full the damages awarded to Appian in the quantum trial, Appian will pursue all enforcement options,” said Appian.
Sibanye said it would defend its case in November next year.
“Sibanye-Stillwater will continue to defend the claim vigorously at the quantum trial in November 2025,” said the group.
