Sibanye-Stillwater loses suit over $1.2bn Brazil nickel deal

A High Court in London has ruled that Sibanye-Stillwater, listed on the JSE and NYSE, is liable for damages following the termination of a $1.2-billion agreement with investment advisor Appian Capital regarding two nickel mines in Brazil.

The termination, which occurred in January 2022, was based on Sibanye-Stillwater's claim that a geotechnical event at Atlantic Nickel’s Santa Rita mine in November 2021 constituted a material adverse effect under the sale and purchase agreement (SPA).