Sibanye pays $215m to settle dispute over cancelled nickel mines deal
South African precious metals producer Sibanye-Stillwater has agreed to pay $215-million to funds managed by Appian Capital Advisory to settle a legal dispute over the failed acquisition of Brazilian nickel assets.
The settlement, announced on Monday, brings to an end a nearly four-year dispute following Sibanye-Stillwater’s termination of its 2022 agreement to buy Atlantic Nickel and Mineração Vale Verde from Appian.
The total payment includes $5-million in legal fees already paid by Sibanye.
The deal was reached ahead of a damages trial that was due to begin on Monday. Both parties said the resolution allowed them to avoid further legal costs and to focus on their respective businesses.
“We are pleased to have reached a constructive resolution that reflects our commitment to acting in the best interests of our investors,” said Appian founder and CEO Michael Scherb.
“This positive outcome allows us to close this matter on appropriate terms and focus our full attention on managing our funds and driving continued growth across our portfolio.”
Sibanye-Stillwater CEO Richard Stewart said the agreement was in the best interests of the group and its stakeholders.
"We are pleased with the commercial settlement agreed, which precludes further legal processes and related costs being incurred, and provides certainty for the group and its stakeholders, removing, on acceptable terms, a market overhang of close to four years after the proposed transaction with Appian was terminated.
The dispute arose after Sibanye-Stillwater withdrew from the planned acquisition, citing what it described as a “material adverse effect” on the assets’ value. Appian later launched legal action in the UK, seeking damages.
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