Sibanye looks for $522 million compensation

Claim

Sibanye-Stillwater faces a $522 million compensation claim from Appian Capital Advisory LLP after the termination of a $1.2 billion deal to acquire Appian’s Brazilian nickel and copper mines. Sibanye-Stillwater announced the deal in October 2021 but abandoned it three months later, citing instability at the Santa Rita mine. A London High Court ruling has ordered Sibanye to compensate Appian, with the damages set to be determined in November 2025.

Sibanye’s James Wellsted has stated: „Appian currently claims damages of up to $522 million”.
This adds to the challenges for Sibanye CEO Neal Froneman, as the company grapples with declining platinum-group metal prices.