Court rejects Sibanye-Stillwater argument in $1.2bn Appian claim

SIBANYE-Stillwater is liable for damages related to a $1.2bn compensation claim brought by Appian Capital Advisory. This is according a judgement handed down by the High Court of England and Wales on Thursday.The claim was lodged in 2022 after Sibanye-Stillwater pulled the plug on the two deals with Appian Capital a year earlier citing a “geotechnical event” – a pit wall collapse – at the Santa Rita nickel mine in Brazil.Sibanye-Stillwater argued it was within its contractual rights as the wall collapse represented a ‘material adverse event’.But the High Court today disagreed with Sibanye-Stillwater’s interpretation. As as result proceedings will now progress to the second phase through a trial listed for November 2025 (Quantum Trial) at which the Court will determine the potential damages Sibanye-Stillwater may be required to pay to Appian, said Sibanye-Stillwater.Encouragingly for Sibanye-Stillwater, the court also dismissed Appian’s claim of wilful misconduct by the South Africans. The Judge ruled Sibanye-Stillwater “genuinely believed that it was entitled to terminate the sale agreements as it perceived this as in the best interests of Sibanye-Stillwater.Appian Capital agreed to sell Atlantic Nickel and MVV (Mineração Vale Verde) for just over $1bn in 2023 before the Sibanye-Stillwater transaction was cancelled.The potential liability of damages comes at an unwelcome time for Sibanye-Stillwater as it has recently recapitalised its balance sheet amid plunging platinum group metal prices.Shares in Sibanye-Stillwater fell 3.4% in the immediate aftermath of the news announcement, capping the share’s gains over the last month at about 24%.The post Court rules Sibanye-Stillwater liable for damages to Appian appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com