Sibanye-Stillwater agrees R3.7bn out of court deal with Appian

SIBANYE-Stillwater and Appian Capital Advisory have agreed to a $215m (R3.7bn) out of court settlement ending a dispute related to two base metals deals dating back four years.In January 2022, Sibanye-Stillwater terminated an agreement to buy a nickel mine and a copper project in Brazil which it announced in October 2021 would cost $1bn to conclude. It cited a fall of ground – a claim challenged by Appian in court.Appian laid a $1.2bn compensation claim in 2022, saying the fall of ground – at the Santa Rita mine – did not comprise a material adverse condition, an argument the UK’s High Court supported in October last year. The court was due to sit over ‘quantum’ of damages potentially payable to Appian this week.Sibanye-Stillwater said in a statement on Monday that the parties had “invested significant time, effort, and resources into this dispute” and were therefore keen to resolve the matter.“The board and management of the group are convinced that the settlement of this protracted legal dispute is in the best interests of the group and all its stakeholders,” said Richard Stewart, CEO of Sibanye-Stillwater in the statement.The commercial agreement effectively draws a line under any further legal claims regarding the dispute which Stewart said had acted as “an overhang” on the firm’s share. Stewart took over from Sibanye-Stillwater’s founding CEO Neal Froneman in September.Shares in Sibanye-Stillwater gained 5.5% in Johannesburg by midday taking gains this year to 202%, largely driven by improved prices for platinum group metals and gold.“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,” said Michael Scherb, founder and CEO of Appian. The post Sibanye-Stillwater agrees R3.7bn out of court deal with Appian appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com