Sibanye Stillwater (SSWJ.J) is embroiled in a $522 million compensation dispute with investment firm Appian Capital Advisory over the termination of a significant $1.2 billion deal aimed at acquiring Appian’s Brazilian nickel and copper mines. This announcement was made by the South African mining company on Monday.
According to Sibanye spokesperson James Wellsted, “Appian is currently claiming damages of up to $522 million.” He added that Sibanye believes Appian should be entitled to either no compensation or significantly reduced damages. A representative from Appian declined to comment on the matter.
Last week, the High Court in London ordered Sibanye to compensate Appian for the failed transaction, with a hearing scheduled for November 2025 to determine the exact amount of damages.
The deal, announced in October 2021, was intended to mark Sibanye’s largest investment in battery minerals. However, the company abandoned the acquisition three months later, citing instability at the Santa Rita mine, which they claimed would have a detrimental impact on future operations.
Wellsted noted that the claims from Appian consist of the difference between the agreed purchase price and the current market value of the mine shares, along with costs related to the resale process, mine management, and pre-judgment interest.
This financial strain adds to the challenges facing Sibanye CEO Neal Froneman, who is grappling with rising losses due to a significant decline in prices for platinum-group metals.
