South African mining company Sibanye Stillwater must pay compensation to investment firm Appian Capital Advisory for breaching a $1.2 billion deal to buy Appian’s nickel and copper mines in Brazil, the Alta ruled on Thursday London Court.
The consultancy firm sued Sibanye after the Johannesburg-based precious metals producer canceled a deal to buy the Santa Rita and Serrote mines in Brazil in January 2022.
Judge Christopher Butcher ruled that Sibanye had an “obligation to close” the deal and had no grounds to rescind the purchase.
Appian said it would seek to recover losses from the failed deal “in full, including significant interest that would have accrued since January 2022.”
“If Sibanye is unable to pay in full the damages awarded to Appian in the quantification process, Appian will pursue all enforcement options,” the company said in a statement.
Appian also said the amount of compensation will be decided after a hearing in London court in November 2025.
Sibanye, in a separate statement, said a trial may be necessary to determine potential damages the company might be required to pay Appian.
Sibanye had announced a deal in October 2021 to buy the mines, which are owned by affiliates of Appian-advised funds, in what would become its biggest foray into battery minerals.
Three months later it backed out of the purchase, citing geotechnical instability at the Santa Rita mine which the company said would have a material and adverse impact on future operations.
Source: Terra
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